Quoted from LOTR_breath:

I did some glass off testing and added info on Wizard modes 3, 4 and 5 over on Tilt Forums. Still not 100% sure on a few things but now have a much better understanding of how they work.
Wizard Modes:
Wizard mode scoring is based on a “score level,” which is calculated by:
(1 + # of Super Jackpots) * (1 + # of characters collected in modes)
Curse of the Black Pearl Wizard Mode (The Cursed Treasure of Cortés): Play 5 yellow chapters and Curse of the Black Pearl Multiball to qualify, and then shoot Port Royal to start it. During this mode, the player is tasked with collecting 882 pieces of Aztec gold through switch hits. This sounds like a difficult task, but certain targets contribute more than others. In particular, the spinners can add a ton of Aztec gold to your collection really quickly. Another challenging aspect of this wizard mode is that the ports where Aztec gold can be collected eventually deplete; in order to change ports, a flashing yellow shot must be made. The mode ends upon collecting all 882 pieces of gold or when the timer runs out, which is fairly lengthy for this mode.
Dead Man’s Chest Wizard Mode (Battle the Kraken): Play 5 green chapters and Dead Man’s Chest Multiball to qualify this Wizard Mode, and then shoot the Chest to start it. During the mode, the player is tasked with shooting the upper loop 20 times (!) to raise the gunpowder net and then defeating the Kraken with a shot to the Captain’s Quarters, all while the Kraken’s six tentacles are extending towards the top of the LCD screen. The tentacles can be temporarily stopped by making one of the six shots corresponding to the tentacles, but if the shot is red, you’re screwed - the tentacle will just keep on destroying your ship and there’s nothing you can do about it. The mode has a long timer and ballsave, but when the timer ends or if all six tentacles reach the top of the screen, the mode ends.
At World’s End Wizard Mode (Escape the Locker): Play 5 red chapters and At World’s End Multiball to qualify this Wizard Mode, and then shoot the Maelstrom to start it. During this mode, the player is tasked with rocking the ship shown on the display left and right over and over, to the point where it flips over. This mode has a 90 second timer. There will be 4 major shots on the right lit blue. Shoot any of these shots and the 4 blue shots will move to the left. Continue this pattern until a total of 8 blue shots have been made to complete the mode. Important to note is that each successive shot increases in value dramatically. If you are able to start a Super X during this mode, it’s better to bring in the playfield X later in the mode rather than at the beginning.
Wizard Mode 4 (Battle for the Fountain of Youth): Play 5 blue chapters and Multiball 4 to qualify this Wizard Mode, and then shoot the Fountain of Youth to start it. This mode has 5 phases.
Phase 1: There are 5 major shots that need to be made in 30 seconds.
Phase 2: Find the Mermaid. There are a large number of shots lit orange that must be collected. The mode begins with a 48 second timer and each successful shot adds time. Some of these shots are difficult such as the D in GOLD and the M&A in MAP.
Phase 3: Fill the Cup. There are 3 roving blue shots. Collect any of these and there will then be 2 roving blue shots. Collect either of these and there will be 1 roving blue shot. This will fill the cup blue.
Phase 4: Shoot the Star Map to turn the cup gold.
Phase 5: Shoot the inner loop to finish the mode.
Wizard Mode 5 (Don’t Betray the Compass): Play 5 purple chapters and Multiball 5 to qualify, shoot Devil’s Triangle to start). This is probably the most difficult of the wizard modes. There is a 15 second timer. Most major shots will be lit red. One shot will be unlit. This corresponds to the white shot on the display. Shoot the unlit shot to reset the timer and begin the hunt for the next unlit shot. Only 4 or 5 of these unlit shots need to be collected to finish the mode. The difficulty lies in the red shots. The instructions on the screen read “Mode ends when shooting too many red shots”. The mode can end suddenly with only 1 or 2 red shots made. There are also a few black shots. I’m not certain but I assume they do not punish you like the red shots.