A-Q2:
It may be the same procedure, using Apple's Disk Utility, but follow WDs instructions carefully. it is not difficult or complicated, just make sure you follow the steps they give.
It won't take long for that part.
Yes, the 1TB issue will be resolved. Mine show 931.19 GB capacity, formatted as Mac OS Extended (Journaled).
1024 bytes = 1k, 1024k = 1 Megabyte (NOT 1000k as some assume) and so on... until you get to 999,857,648,640 bytes, which the drive manufacturers call a Terabyte - check Wikipedia if you are really interested in the math.
A -Q1:
I copied 923 GB from a iMac 2.93GHz Core2 Duo across from the internal SATA drive and from 2 MyBook Studio Firewire drives in about 4 hrs (using USB 2, which is all the MBE supports.) The other drives can send the data faster than the MBE can swallow it up, but it still didn't take long.
A - Q3:
I don't think your drive will need to run for 24 hrs.
If it does, I still wouldn't worry.
Usually, the drive is spinning the whole time that the Mac is on, unless you use Energy Saver, to sleep the drive when the Mac is idle.
My Macs are on 16 hrs a day. My partner leaves her's on 24/7.
We've used Macs ( about 30 of them) since the first 128k Mac in 1984. We have not had a drive failure yet! The drives have come from assorted companies over the years.
But, we back-up anything important regularly, anyway.
By anyway, I mean back-up to: floppy disk and each other's hard drives (1980s), external drives & Zip drives (1980s-90s), CDs then DVDs (1990s-00s), Web Hosting Servers (from 1997) and multiple external HDs, CDs, DVDs and DV Tape up until the present.
If it is important to keep, or you don't want to re-create whatever work you have done, personal stuff or for clients... back-up.
Having said that, there is a great deal of stuff you don't need to back-up.
You have the OSX System and Applictions DVDs, and you have DVDs for any other software you purchased a licence to use.
So, if your drive/s fail, you can re-build everything again - as long as you have at least, backed-up the content you created yourself (digital images, calendars, tax records, etc) or that you bought (iTunes, games, etc).
This is probably too long an answer, and reads back to me like a lecture,
so I better quit now.
Well, I'm new to this forum and community idea, so please excuse the long winded response.
I hope this helps you... and maybe somebody else.