A: Yes one side is a smooth wider plank look the other makes a smaller board look with the v grove in the middle.
A: Yes it’s meant to be reversible whichever your wife likes best
A: Yes it does, varies by store so check online beforehand.
A: Would not recommend it. Walls or ceiling ....yes
A: Yes, you can use this board in an outdoor covered porch.
A: I would not. It is pine so warpage is very real concern. BUT if sealed with a stain and good varnish before laying it down (all edges surfaces) and attached down at regular intervals, it could hold up as a flat surface. The grooves will hold dirt, spills, water, so it is harder to keep clean. It is also not very impact resistant as it is only soft pine.