Hey, welcome aboard! Let's see some pics. Hopefully I can help with your questions.
1) Yes. Run at least 91, or you could run into some knocking problems.
2) Make sure the previous owner ran synthetic also, or you could start some small oil leaks when the synthetic cleans out your engine. Otherwise it's a good idea.
3)this is all part of the unique joy that is the M42. The valves are self adjusting, so that is not your problem. Changing the chain tensioner is always a good idea if you don't know how long it has been. Also, The chain can strecth over time, creating more noise. Generally a complete timing case rebuild is recommended every 200,000 miles or so.
4)I also do mostly city driving. I noticed that I get 25-26 in town, but if I do any highway at all, it shoots up to nearly 30. If I did all highway it would be near 34-35 or so.
HTH
Brian