1) Your understanding of the channel lifecycle is esentially correct.
Between steps 5 & 6, while the slave is searching, if the slave finds the master again, it will go back to the tracking state.
2) The acquisition time is not deterministic, although generally, the faster the channel period of the master, the faster the acquisition time.A channel drops to search after 2 seconds worth of missed messages - the exact number will thus depend on the channel period. You can find more details on all of this on the "ANT Channel Search and Background Scanning Channel" app note.
http://www.thisisant.com/developer/resources/downloads/#documents_tab
3) The format of the data the slave broadcasts is up to the application on the slave - i.e., it is up to the application to define how the payload looks like. Note that unlinke masters, broadcast messages on slaves are sent only on demand (only when instructed to do so at the application level. Section 9.5.51 of the "ANT Message Protocol and Usage" document (also available in the Downloads page) explains in more detail how broadcast messages work on both masters and slaves.
4) Correct, as soon as you open a channel, the master will start broadcasting data every channel period, regardless of whether there is a slave (or more) present, or not. You could potentially use acknowledged messages for the master to know whether there is a slave present, but note that this is not recommended if you expect multiple slaves to synchronize to the same master.