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      2. Will this update take effect without bringing down/up ADSM or
      2. Will this update take effect without bringing down/up ADSM or
         must ADSM be stopped and re-started?

I believe the change takes effect immediately.

      3. The Mount Wait time setting is now 5 (minutes), we're going to
         change it to 10 (because of several times our system is in
         a 'wait for tapes'). I see that the default is 60. Does anyone
         (IBM or user) have a feel for what a good number would be for
         Mount Wait time?                                 Thanks,
                                                          Debbie Yoder

We've set ours to 15 minutes and seems to work well for us.  I suspect it will 
depend a lot on your setup and environment.