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A: No. Exercise is good for toning the muscles and can help fill out any loose skin in the vicinity. Excercise can increase muscle bulk, and that in turn can make skin look a little tighter, but exercise cannot actually tighten the breast skin.
A:

Yes and No.  Some of those stretch marks will be removed with the extra skin, especially at the lower part of the breast. Those located on the upper breast will remain. The stretch marks that remain may be tightened and somewhat smoothed out.
A: Much of the loose skin is actually removed, and that which remains is made a little tighter.
A: Yes, that is a possibility. Nerves grow back slowly, so we usually know after about two years whether sensitivity has returned to normal, and if it has not, it probably won't.
A: Yes, the skin stretches with the passage of time, and so as the years go by there will be more skin, and the breast will gradually stretch out again.