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Plug the USB HDD into your computer and use an application like HDDScan you can set up power management features there. I don't use Shareport so I don't know if that works directly, but considering it's USB over Ethernet I think doing straight through Shareport might work, too.
1. Yes, it will spin down2. 4 MB/s is max3. Yes, but use a self powered hub to prevent issues.
I am planning on using it to store all my converted DVDs and play them to my Xbox via the Zune software on my laptop. So any idea how that slow speed might affect my playback. Any suggestions on an alternative way to connect the USB drive so that my entire network could see it?