In answer to your questions:
1. Yes, the code is also not encrypted, so you are free to make modifications if you wish.
2. Yes, you can disable the events easily from the Vantage admin settings and simply not use the blog or add links to it if you choose not to. Yes, you can allow free listings.
3. There is no specific advanced search functionality in terms of additional fields to the default search apart from that which appears in the sidebar of location results as seen on the
Vantage demo site. It would require customization on your part if you were looking to add more in terms of this.
4. Are you able to please give a specific example of the search terms used so I can replicate what you're seeing/not seeing and explain further?
Whilst the demo site is fully functional, you cannot save data to it (spam purposes) which is why you cannot complete the listing process on it. There should have been a pop up box explaining this before you entered the demo. A standard installation does not have this problem, it's purely demo related. Thanks.