Good idea adding the picture that makes finding help easier for all. And determination is hard to beat.

Now for my opinion. I will try to answer in the order you listed.

1. Yes. it looks like a good location

2.That is going to up for debate. I would suggest: clover, soybeans or small grains such as oats.

If that soil has a tendency to be very wet and you want to plant clover, then I would recommend a
variety called Alsike. if its fairly well drained then most any will work. I like Ladino the best.

3. Get a soil test first. That will make all of your hard work and money invested worth while.

Good luck!