1. You can create, rename or edit fields except the core fields such as the price, description, location fields.
2. These are not default options but it can be implemented through code customization.
3. Yes there is an option for that in the admin.
4. The PSD files are just Classipress design templates that can be used by designers to redesign the theme and in the absence of it does not affect the core functions of the theme.
For the themes release update you may check it here
WordPress Theme Release Status | AppThemes .