Re: 1, that would destroy their only leverage. The only way the party works is if they get enough seats that they're needed to form a coalition government. Otherwise, their votes are irrelevant: it's either a majority government or a coalition government that excludes them.

2, can they call themselves that? The Reform Party presumably still owns that name, I would have thought? Still, good idea. "Reform Canada Party" maybe would work?

Re: 3, the problem is that it will take time to get Elections Canada ready for an election with an entirely different voting system. They'll need to procure voting machines, create policies and training manuals for everything (including how to manually recount physical votes), define the ridings, design the new ballots, etc. They'll need a full election cycle to prepare for it.