1. I don't know that the shuttles are numbered -- haven't been out there for a while -- but the bus should say "BWI." It's a relatively short ride -- maybe 5-10 minutes. The light rail terminal is at the far eastern end of the airport terminal, next to the international terminal -- should be the last stop. Service is half-hourly and runs through to Hunt Valley unless there car availability problems, of which the system has had several lately.
2. What do you consider "of interest"? As for railroad interest, the system has a bit of everything. Its southern section is laid mostly on an ex-interurban r.o.w. -- part originally Washington Baltimore & Annapolis, part the onetime Annapolis Short Line. North of North Ave. station the line is mostly laid on the former PRR-Northern Central r.o.w., most of which dates to the 1830s.
Approaching downtown Baltimore from the south, the line goes through a series of viaducts and trestles, then passes the former B&O Camden Station (built 1856-65) and the huge early 1900s B&O Camden Warehouse. It then runs on Howard St. (rather slowly) for about a mile, passing numerous old and/or architecturally interesting buildings, some of which are townhouses dating in some cases to the 1820s and '30s, plus the onetime (now-long-dead) upscale department store district at Lexington St. The street trackage itself is varied -- some in the center, some gutter placement, and some on one side of the street. At the north end of the city trackage (actually on roadside at this point) the line passes over the trainshed of the ex-B&O Mt. Royal Station (1896), then goes through an up-and-down contortion to get underneath a street overpass and then briefly paralleling the CSXT mainline.
The north end, which is partly on former PRR industrial track and partly new r.o.w., goes to single track roadside r.o.w. at Beaverdam Rd. and looks like a Toonerville.
In all, quite a fascinating ride.
3. A good question. The MTA cops seem tolerant and understanding, but if you run into one, he/she may ask who you are, mainly to cover themselves in case someone asks. Apparently they have problems with paranoid bystanders calling in, and have to respond. I've been questioned a couple of times but never hassled or told to stop.
4. Numerous good eating spots at Hunt Valley, since the light rail terminal is next to a large shopping center. There are restaurants of all types except those low-end fast-food chains, plus a buffet (Oriental and Indian, as I recall) at the huge Wegman's grocery store. Can't recommend any because I've never eaten there. You'll need to walk a bit, since the light rail terminal is at the south edge of the center.