Once out of the container and used as a bedding compound for strainers, faucets and tub waste and overflows, the putty will remain pliable when it is not exposed to air. If the putty is exposed to air for an extended period of time, it will harden and become brittle.    
Yes. Epoxy Putty can be drilled, tapped and machined while maintaining its integrity.
Yes. You must prep the surface first. This means that all finishes must be removed and the surface roughed up to allow the Epoxy Putty a good surface for bonding.     
Once Epoxy Putty cures it can only be removed mechanically (i.e. grinder, drill).
No, stain free putty should not be used on ABS materials. Instead, silicone sealant is recommended. 
This warning is listed because the Plumbers Putty contains small traces of Quartz; however the Quartz is inextricably bound and cannot come out of the product, so as a result it is not harmful.
Maximum temperature is 250°F.
Yes. Always make sure that your paint is compatible with the Epoxy. This is normally done by contacting the paint manufacture. 
Yes. 
2 years from date of manufacture if the lid is sealed properly.