1, yes you could slice through paper relatively easy. I've heard it said you can get it as sharp as steel but I haven't been able to
2, I have had bone several points survive direct hits from a 40 pound bow with only the tip breaking off
3, never boiled it befor
4, never used any sort of finish or heard of one
5, never gotten the chance to hunt one, but people do use them as long as your state allows it