2 weeks in, and loving it so far.

[EaTCarbS]

1. Is it better to have a more flexible setup with more traditional ships rather than a pretty specific "drone alt" setup?

Yes, but you have to start somewhere, and more flexibility costs more time.

2. Will this setup work in PvP.. at all?

You'll have to rely on more than sentry drones if you're taking ships into pvp. multiboxing in pvp is about 100 times harder and more complicated.

3. Would it be better to run a Logi main and let the alts do the tanking with no remote shield reps on them, but instead local shield or armor repair as well as the remote on the logi main?

In my experience, you won't need dedicated logi unless you're running incursions. A decent local tank will be just fine, especially because the rats will switch targets (which means you'd need less tank than someone running them solo) and you'll be gunning them down fast enough.

4. Are 10x stealth bombers or other covert-ops style ships going to be more successful or interesting for multiboxing? if so what should I do for the 6 months it takes to train something like that lol

I don't run bombers myself, but it sounds like it would be a bit of fun. A black-ops fleet is one of my goals, and I always love running a cheap frig blob. Magical Merlin Mayhem squad.

Any other advice you can give me on the current or new state of the game (with the new xpac only a couple of weeks away)?

give me yer isk and get double in return.