The basic rule is: For a TF-sold phone, the SIM and the phone's IMEI are paired together in TF system. Swap the SIM to another phone and you'll run into problems. The problems are reported before in the forum, I won't go through them again.
1. No.
2. If the original SIM is lost or unusable, in the old days you contact TF and they'll FedEx overnight a replacement SIM which is paired to the IMEI before shipping. Nowadays, a rep will tell you to go buy a TF BYOP SIM Kit and they'll pair the new SIM to the phone.
3. You can remove the original SIM, put in a SIM that does not use Verizon, and go back to the original SIM later without problem. If you put in a SIM that uses Verizon, it'll likely gets paired automatically to the phone's IMEI and displace/inactivate the original SIM. If the original SIM still has service on it, it will lose that service.
4. Before selling a TF-sold phone, transfer its service (phone number, buckets, days) to another phone if you're not selling the service with the phone. If its service already expired, there's nothing to lose, your phone number on the SIM will be overwritten when the new owner reactivates the phone with a new number. If you're really worried about the new owner using your phone number, then sell the phone without the original SIM and tell the buyer that he/she will need to get a new BYOP SIM and have the rep pair it to the phone. That will probably turn off some buyers.
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