You will be asked to choose 2 of those. An ability to play 6 characters for preferred players was promised, and should be implemented in the game soon.
No. You get to "keep" everything you earned / unlocked as a subscriber.
You loose one, not sure if you get to choose.
Nothing happens. You get to keep them. Same goes with all the items.
Same answer.
You can equip all the items that were bound to your character when you were a subscriber.
And again, the same answer.
Credits above the 350k credit cap, go to an "escrow" (savings) account. You don't loose them. You get access to that money once you sub again.
Yes, he remains a companion, no the characters won't be able to access section X.
No.
Not sure what exactly you mean. You get subscriber perks, unlimited access to WZ's, Flashpoints, Ops, etc.