The problem is that Glyphs can’t really deal with not rectangular variable spaces. You need to add weight 300 and 700 masters in the dot and pixel levels, too. Have a look at the attached file. Demo gs.glyphs.zip (4.1 KB)
But there is an even better solution:
Use a Virtual Master parameter together with a lot intermediate layer in the pixel glyph. That way you only have one real master for all other glyphs (were the component setup was the same in all masters. Demo gs 1m.glyphs.zip (4.2 KB)
And you might update to the latest version (3.4.1).
I understand the first solution. I need to do a bit more research to fully understand the second one, but it looks interesting and seems like it could speed things up.