The ride height can probably be adjusted within a 1.0-1.5" span using the rear axle mounts and front spindle spacers.
I don't think so, but I would not have payed any more. It would be good if the engine had a lot of go-fast parts. That would make it a better value.
Everything anderkart said is worth considering however. It's really a specialized racing chassis and won't make a good fun kart unless you have a smooth oval to run it on. It's probably a good foundation to start with if you want to take it to the track so long as the frame isn't tweaked. Even then it still has some potential.
I made a similar "error" earlier this year getting a Top Kart sprint chassis and not not realizing that even the paved roads here are too rough and dirty for the average racing kart. At least I'm only in it by about $10 thus far after selling some unneeded extras...and that's after buying the kart itself and a used Tillett seat. Sometimes I get lucky. Usually not, but sometimes.