1. Yes, you do need 2.0 to run Fanjita's loader.
2. For homebrew 1.5 would defenately be better. Fanjita's loader has some limitations, and can't run all homebrew, most notably UMD Emlators, and more memory intensive programs. So you can't backup your UMDs and run them off the memory stick. Also I've tried Fanjita's loader on my friend's PSP and it is not totally stable, it locks up quite a bit, but certain games especially Grand Theft Auto requires 2.0 to play. So Fanjita's loader is the main thing you're going to have to use for homebrew if you have 2.0.
The method of downgrading may seem scary in execution, and there is some risk. But it definately should come out fine.
3. You should be able to downgrade and upgrade the firmware as many times as you want, but again there may be some risk. And if you want to use some of 2.0 features on the 1.5 firmware such as the web browser or AVC playback, you could use the MPH loader. But you won't be able to run games that require 2.0 like GTA.
4. If you just want to run NES and other emulators 2.0 should be fine. The only problem you might have is just with your PSP locking up while using Fanjita's loader. But if you're gonna do more homebrew stuff, more so than playing games that need 2.0 I would recommend using 1.5
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