Hi Pete,
Hard to answer all those without knowledge of the make of exhaust - all fit differently.
However, speaking for my Piper 2 1/4 system......
Straight swap.
I did it anyway when i re-built the turbo, but it appears to be a 'marginal' thing - some cars get away without, some need it - if it is a freer flow, then more chance it'll be needed, also depends partially on what other mods (chip etc) you have.
No impact on timing (but RIP might disagree

)
This is where it gets a tad difficult - 'anything else to consider' - hmmmm, have you thought about the PCE (or different down-pipe), it is probably a good time to consider going 'closed loop' and fitting an O2 sensor (if you dont have one already) etc etc
If you are thinking of a PCE, then i would advise fitting it on the bench with the turbo (still on manifold) removed from the car - it's a quick and simple job to get it out, and unless you're a lot luckier than anyone else on here, you are likely to snap a couple of the corroded studs/bolts which join the PCH to the turbo, and they are a pig to get at with it in the car!......
....therefore whilst it's on the bench, might as well port the wastegate......
.....hmmm, with all that space in the engine bay, perhaps i'll just clean up some of the chassis i can now see....
....a new set of hoses would be quite easy to fit at this stage.....
There are a couple of things to bear in mind if doing the job yourself, and restricting it to the exhaust - ideally the car should be on a lift, but you can manage on the ground if you can get the front wheels high enough (I went top level on a set of axle stands) - that is because one pipe has to be fed up and forward over the engine mounting, and if the car isn't in the air, the back bit will hit the ground and you can't feed it through - not a problem as such, just something which never occurred to the designers, 'cos they always put the car on a lift (as do any garage).
Secondly, the only joint which should be difficult to undo is the one forward of the ROS wheel - it always rusts up solid. Unless you are needing to re-use the pipe, it is a lot easier to remove with an angle grinder or air saw. Even if re-using it, it can be sleeved at that point!