I really enjoyed my experience with Project Bionic, and can't wait to see it fully completed.
As for your questions...
1.Installation was successful after a toggle of signature verification, all was smooth.
2.first boot was successful and very fast for having cleared caches.
3. I chose iida Home on first boot (and did NOT regret it)
4. Start up was suprisingly fast for a 600MHz processor. Faster than the first boot of Velocity, even.
5. I enjoy iida Home the most because of the fact it is a regular launcer (albeitvertical), but if scrolled to the side, a whole new, intuitive and visually pleasing UI pops up. Love ther tiles and groups, and love the animations. Very fast and snappy, as well. It's a shame its 2.3 only.
6.600MHz FLEW. i didn't even feel the need for Oc, so i didnt try.
7.Since all my buttons wokr, i found Button Savior to be unnecessary, but modifying it a bit to make it function more like honeycomb tablets would be a good idea.
8.I don't use Live wallpapers, as i dont spend much time on the homescreen, and iida home doesn't use them anyway.

9. i had one bar of service (though, this is usual in my room) and no 3g.
10.On second boot, the 3g kicked in, and worked normally.
11. No FC's or bootloops in my testing.
12 iida Home, for SURE should be kept, and maybe even consider removing Sony. Its kind of "meh"
13. I enjoy cyanogenMOD, because of all the useful tweaks and options it enables.
14. If those options were removed, i woul dstull love an AOSP 2.3 ROM that ran as speedily as Bionic on my Ally. EOL, my butt2
15. Bionic is a great project, and should be continued. This shows that even though the Ally is an old phone, with the proper time and development,, it can still handle the latest, and even fare pretty well. Its a great ROM for a great phone.
thanks (R)gocal for taking the time to work on it!