I'm going to weigh in but should mention that I'm not a suspension expert. I invite other more knowledgeable persons to criticize my argument.
I think the most practical use of the adjustable strut from Realm is to compensate for a shorter shock. Essentially, its use would be your #4, to compensate for a shorter shock than stock. To quote from Anton Largiader's web page on paralever analysis,
The Paralever suspension was introduced on the 1988 R80GS and R100GS, then used on the 4-valve K and Oilhead bikes (except the R1200C). Whereas the original Monolever system had a single pivot at the front of the swingarm, like most motorcycles, the Paralever uses two links to connect the rear drive to the transmission. This is a "Four-bar" linkage, similar to double-wishbone suspension in cars which keeps the rear drive at a constant angle as the suspension moves.
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The Paralever drive unit, on the other hand, does not rotate as the suspension moves up and down - it stays at the same angle as the chassis because of the parallel links. Since there is no direct relationship between vertical suspension movement and drive unit rotation, the torque of the wheel does NOT result in suspension movement. This, in a nutshell, is what the Paralever is about.
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The intent of the Paralever is to create a longer effective swingarm (with this length determining the amount of rotation that the final drive experiences as the suspension moves). Making a perfect parallelogram creates a swingarm of infinite length, as far as any shaft-jacking effects go, with no rotation of the rear drive at all.
If one shorten's the shock and retains the OEM Paralever strut, the position of the final drive at the resting position with correctly set sag will render the major axis of the final drive non-parallel with the ground, thus moving the contact patch of the tire rearwards and increasing the wheelbase. The adjustable strut can be shortened, restoring the parallelness of the final drive, move the contact patch forward and restore the stock wheelbase.
So, to answer your questions:
1: The spring rate is not affected by installing the adjustable strut.
2: Can't comment on this. I think your shock selection is dependant on your goals.
3: The shorter shock will lower the rear end which will lower the seat height, along with change the bike's geometry and handling.
4: See above.