By way of process...
The EMO will generally create the tracking bug whenever we get a hint that the release review request is coming. That is, we'll create it when the IP Log review request is submitted or we notice a request for approval on the PMC list. Some project teams contact us directly, but this is not generally necessary. We use the bug, basically, to make sure that nothing slips through the cracks and to make sure that we can communicate with the project leads and other interested parties regarding the mundane process aspects of the release without cluttering other channels.
The EMO also generally notices when the PMC gives their +1 on a review request. Our usual practice is to "drag our feet" a little after we get a first +1 to make sure that there's no "but, wait..." follow-up from another PMC member before accepting the first +1 as PMC approval. We do account for PMCs (like the Eclipse PMC) that prefer to have +1s from multiple PMC members, so we wait for that.
For our purposes, we take a +1 from the PMC to mean that the PMC approves of the release and is satisfied that the project has followed the Eclipse Development Process, has met the goals of the release, and is generally operating as a well-behaved open source project. The +1 further acknowledges that the PMC believe that the documentation adequately describes the release. When the PMC has questions regarding the release, they will generally ask those questions on the thread.
We don't expect the PMC to do anything in particular with the IP Log, but it's handy if they can tell us if they notice anything wrong on it. My team does most of the work here to validate that the IP Policy and Due Diligence process is being followed. I can provide painful detail regarding what we do if anybody is curious.
TL;DR: don't worry about the tracking bug. It's more for me than it is for you.
I'm more than happy to discuss any part of this.
Wayne