#1 I can only view the manual for the pro, I don't know how much of the stock version is adjustable out of the box, the car does claim to have an adjustable ride height, but not an adjustable droop. Camber and Toe are also easy to adjust on the Pro not sure about the stock.
#2 It uses standard 12mm hex 26mm Touring wheels so Rubber, Drift, Rally, Slicks all fit. I think you should get him a set of racing slicks, and a set of bashers and just swap them out.
#3 All the Tamiya 190mm wide, 257mm wheel base (long) will fit it. M05/6 bodies are 210mm, 225mm & 239mm wheelbase. The 251mm wheel base bodies will not fit, I believe the Golf is one among others.
For what you want, an all purpose basher that's able to race I don't think there's a better option in touring. I'm very torn about what I would use a XV01 for. I think either a TA06 or TB03 would be a better club spec tourer and a DF03Ra would make a better rally car, while for a young kid a TT01 might be the best choice for parking lot action and he can put the thing together himself which I think would be a true source of pride, and he wouldn't be scared to pull it apart to fix it himself.
In theory the XV01 is meant to be the chassis that is a Jack of all Trades and I don't think I've seen a good* review of the thing yet to make that determination. Look up the PDF Manual and give it a read, my only real complaint is it looks heavy for on road touring racing, but you should be fine in a beginner league.
Edit: Just to be clear here when I say a Good review, I mean an informative one not a positive one, that being said the closest thing to a review I saw explained it was a new car from Tamiya.
(Last edited by DKnight1000 : 11.01.12 at 5:20 am)