Hacks are legal, but you will not get any support from Jelsoft.
With an owned license you mustn't pay every year to run the forum, but you need to pay $30/year if you want more upgrades.
Depends on the hack, but usually it's as simple as copying and pasting code.
Jelsoft will not help you code features for vBulletin, but you can throw the idea here in the Requests forum and hackers from this community will help you as much as they can.
Yes that's possible, using Access Masks. You can control every user's access to every forum, resulting in lots and lots of power. You can also place the users in different usergroups and manage access per usergroups.
HTH.