Sentry 459 wrote:
1. I assume we aren't going to see a collected edition of this any time soon as it is a licensed property.  What's the status of seeing this masterworked or omnibooed?

By Marvel?  Highly unlikely.  The Dark Horse collections or custom binds are your only way to go.  In a fit of nostalgia, I did do a custom bind for the Marvel issues, including the floppies of the three movie adaptations.  It took a while to track down the "Last Crusade" floppies.  Some of the later issues of the "Further Adventures..." ongoing go for around $4 NM while the earliest issues are available for much less.  The DH collections are probably your best bet for convenience and clarity of reproduction. 
 
As an aside, the property doesn't appear to have strong legs in the comics market.  Trying to ride the coattails (such as they were) for the fourth movie, DH did a movie adaptation, a new mini, and two animation-style digests.  Nothing new since.  I think this is a property that will not have new material in the comics marketplace anytime soon.   That doesn't bode well for anybody else to pick up the license, either. 

I had and read scattered issues from the Marvel series back in the day prior to the bind, and unfortunately I haven't had an opportunity to read the complete set since it came back from the bindery.   I think that the two Byrne issues were all right, but my recollection is pretty spotty about the later issues.  Many of the DH mini-series were of better quality IMO.