1. As an armor builder, I spray every model flat black first. This is for a couple reasons.
It allows me to see any mistakes that need to be corrected before the topcoat goes on; it provides additional "tooth" for the topcoat to adhere to; and it provides the first step in the weathering process, since the topcoat will be put on in a mottled-type fashion. I think that if you're modeling an aircraft, you'll want to prime--particularly the landing gear, since getting flat white on bare plastic can be a real bear of a job. Priming helps with that operation. I understand yellow is also a hard color to work with. If you're thinking of finishing an aircraft with, say, yellow wings, then a prime coat would in my opinion be mandatory.
2. I completely cover the model, but I do not put it on thick. I don't want to "soften" any of the raised detail that priming and topcoating have the potential of doing.
3. Not being a total A/C modeler, I am unsure, but the color needs to be one that will cover any seam work and not allow it to show when the topcoat is applied. Seems to me the prime color would be dependent on what top coat you plan to use. As I understand it, primer colors can affect the tonality of topcoat colors.
4. Not necessarily. I tend to prime with an enamel (personal preference) because organic solvents in enamels provide a little better "bite" into plastic than water-soluble solvents. You can then spray acrylics over the enamel primer if you like.
5. Some modelers like to use Floquil's reefer white as a primer
6. See #1 above. If there is a problem, I'll sand to get to or repair the problem; otherwise, unless I'm building a kit with a high-gloss finish, I won't sand.
So there you go--at least as far as what I do. There are more knowledgeable folks than me that can probably give you better guidance. But I will suggest that you experiment on some old "clunkers" to see what works for you and then go for it! Good luck!
Hope this helps you some,
Gip Winecoff