Having a Bold, Regular, and a Light master?

I’ve made a MM file with a Regular and an ExtraBold as the masters. Now, I want to create an ExtraLight weight, so that I can interpolate the Light between the XLight and the Regular. I tried adding an Xlight Master, but it doesn’t seem to have any effect on the resulting instances.

Should I create separate files (one for X-Light to Regular, and one for Regular to XBold), or is there a better way?

You can simply extrapolate an ExtraLight instance from the Regular and ExtraBold, generate that instance and add it as an additional master to your existing MM file. Having all 3 masters in there should not be a problem, just make sure that you set the weight interpolation values right.

On how to set up the masters correctly, please check the handbook and the tutorials about ‘Multiple Master’.