The personality value is otherwise known as the PID, and it should be the first thing you see on the first tab of PokeGen.
A lot of the impacts that the PID has on a Pokémon are done in binary digits, so get out your calculator and convert your Pokémon's PID from hex to binary. With regards to the Wurmple issue, Bulbapedia has this to say:
00000000 00000000 00000000 00000000
The value in red will be known as pw; it is essentially p % 65536.
Wurmple's evolution does not depend on time of day, despite what many game guides say. In fact, the evolution is determined by taking pw % 10. If the remainder is less than 5, Wurmple will become a Silcoon, and if it is greater than or equal to 5, it will become a Cascoon.
Simplified: Take the PID, convert it to binary, and delete the first 16 bits. Then convert what remains into decimal. This number is "pw". Do pw % 10, and if the number you fet is less than 5, it'll be Silcoon, if not it'll be a Cascoon.
As for the breeding question, the PID is generated based on a number of things, and it's more than likely that the parents' PIDs would have little or no bearing on the offspring's PID. The PID is also responsible for a lot of things at once.