1. No, you can also put the disc from the Xbox 360 version or if you already owned the game on digital format just download it.
2. If I am right you don't need a onscreen timer.
3. I don't think so?
4. I don't know, the far I know you can just edit the video with a timer on it.

I am not a expert in this runs, but these are the things I know so far. Also sorry for any grammar errors.