I would point out that with the Gunpowder/Niter factory we have other avenues for productivity. If your land is shit, then develop the people, set up a forge and have a smith crank out tools for the surrounding region. Route the EIC trade through it, and then set up cottage industries of weaving and cheesemaking so we multiply what we can get out of the herds.
1) Our Master actually seems to hint we're just about ready.
2) I agree with this...except for the overwork. Never overwork spell research. Never overwork any kind of applied magic.
3) Our enchanting, depends on what we can make at present. Though I THINK we can actually enchant our guns to be Silent fairly easily, and I got a crazy idea or two about enchanting our Flamberge with Take No Heed. This should allow us to get enough spells to unlock the next rank of Magic however.
A Flamberge with Take No Heed might well be considered THE order weapon