1. It's a relatively easy job. Lower shock mounts, upper and lower control arms (4), panhard, driveshaft, abs line, connections, and brake line. I think that's about it.

Removing the abs sensors is relatively simple. Just be careful when reinserting so you do not damage the o-rings. If you have some rust around the sensor mounting hole, smooth it down a bit.

2. Five hours seems about right. Get some help though - it's not an easy one-man job.
3. Absolutely. Harbor freight has a great sale on air compressors! Christmas is coming. Spray all bolts with liquid wrench or pb-blaster a couple times before the wrenchathon.
4. Sounds right to me.
5. Take a look at it yourself. Low miles. Ask if it was rolled. Cross your fingers.
6. Have you called/searched all your local yards? Take your time and try to find one locally so you can look at it before buying. This may give you the opportunity to warm up to the job by changing the seals on your existing axle yourself in the meantime - it's an easy job as well.

Definitely get an e-locker out of this deal! It shouldn't cost you much more. Try and get all e-locker related stuff thrown in with the axle - wiring harness (at least the part from the plug below the rear seat to the locker), e-locker ecu, and dash swith. Get the plugs and pig-tails with the ecu and switch just in case. You may be prewired - check out Phong's write-up (phorunner.com).