1. You are pretty much correct and all you need is a flip flop hub to switch between fixed and singlespeed.

2. Try a bit of both, especially if you are planning to get a bike with flip flop hub.

3. On a fixed, front brake is basically all you need but you need two brakes for a singlespeed. Because if your front brake somehow failed, you still have a rear brake to stop yourself.

4. It won't be difficult to adjust. You can use a several different levers with bullhorns; you can use a cross lever or a drop bar too.

5. It can be done, I personally use a set of chopped road bars.

6. Mark V is a great bike, as long as you maintain it properly and don't do stupid **** with it, it will last you through college.

Get a good lock if you are going to lock it in the campus, use proper tools to do maintenance yourself, get a helmet and lights.