#1 - will 1/2'' of air space be enough to keep the exterior bottom cool?
The more space the cooler the floor will be, I'd make a pad of brick and extend it at least two bricks wider on the sides and back. As for the front I'd make it at least one brick longer in the front in case hot ashes or embers fall on the floor.
#2 - should i use sand instead of air space inside the stove?
I'd use sand, it's denser, will take longer to heat completely through, and will give off residual heat.
#3 - if i sit the stove on metal with 3/4'' of air then 1/2'' drywall on the wooden floor and sides, is that enough to keep it all from catching on fire?
I'd make a pad of brick and extend it at least two bricks wider on the sides and back. As for the front I'd make it at least one brick longer in the front in case hot ashes or embers fall on the floor. I would put 1/2", 5/8", or 3/4" FIRE RATED drywall on the wall behind the stove (if you're putting it in the corner I'd put it on the two walls) and keep it the full 4' wide better safe than sorry.
#4 - i'm i correct in the assumption that the heavier the pipe used in the stack, the more heat it will radiate but, the quicker it will cool above the stove to keep the cresote from building up at a bend?
Cresote will build up no matter how long the pipe and chimney is. It is most often found in chimneys and can be minimized by burning seasoned hard woods. I'd also suggest you clean the pipe and chimney at the end of every season and maybe once midway through the season depending on how often you're burning it and what you're burning.
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#5 - should i give up fire pit size and line the burn chamber with fire brick?
I would definitely , it's cheap insurance, considering you're making your stove out of a 30# propane tank. Let's face it it's not 3/8" or thicker plate steel. I've seen home made woodburners that were made out of 3/8'' plate steal warp above the fire brick over time and because they were burning it good and hot.
These are my suggestions based on my training and experience of being a firefighter for the past 20 years. It may sound like over kill but well worth it to keep your dream shack from burning up and make sure you have fresh air coming in, CO can build up real fast in small areas like your shack.