I dont know the answers to your Qs but here are some ideas:
I like it for die cuts, and for decorative strips on cards. Even as a narrow band instead of ribbon. Just make sure you do very little glue (double sided sheet is better) and spread it very thin and get it on quickly as it will dry fast. You avoid lumps that way. Makes the card like one of those touch and feel books for the babies. So a rubber duckie die would be fun for a baby's welcome or bday card. Red I would be cutting hearts.
Now you have black....with Halloween coming up.. do you have any bat dies? Or a witch hat? You could make one.
Would make for a very pretty ornament die cut if you want to glue thin ribbon or rhinestones or sequins on it. Or just a pretty circle.
You could die cut in a frame shape to go around a center sentiment.
You may be able to paint on it with a shimmer ink (since it is black-a white one would show regular inks). I am not positive but I think unlike paint, it wont harden the fuzz effect? I have not tried it yet. Like H2Os or a spray...when you have some scraps-test those.
Flowers. You could die cut those and either layer them or mix with paper CS-a pretty DP and layer them.
You could a bold multi-color BG and then die cut it as a silhouette cover scene to lay over it.
Or just like a single image silhouette like a deer in the woods.
Or you could do a simple strip cards on the diagonal and use some for special interest mixed with DPs and solids.
Or you could do a cover die in stripes and then inlay a bold counter like gold, or a bright color or rainbow stripes. Or a glitter paper if you wanted a huge pow.
Lots of things to do with it!
Have fun!