1, I would, both for Normal O2 and metric thread for wideband. Just don't dril th holes until you are ready to put the )2 sensor in.
2. I flared mine after the flange. I think this can go both way.
3. I would make the first one out of aluminized, then on dupulicates, SS. Coated with something and it'll last for awhile.
4. 4 bolt is Nissan housing and 3 bolt is Ford and others.
5. $200-$300 sounds reasonable for a SS unit. TIG'ed off course