1). It should run Wood.
1b). That's really expensive. For that price you could get an AceKard2i or an R4 + good MicroSD card and have a few bucks left over.
1c). Don't buy from a place that uses "r4" in the shop name. Anyone using the R4 name now (clones and shops) are doing so to cash in on a popular name.
2). Yes.