I would agree with all 3 of your points, but would like to add the following;
The only way this fellow can log any time in the aircraft would be as a safety pilot, since the aircraft only requires one pilot and therefore SIC time would not be valid, since an SIC is not required. If he does not have a valid certificate he can legally "ride along" up front but not log any time since he is just a passenger.
In order to act as safety pilot he must be qualified in Category and Class (No menton of currency required) which would imply the need for an FAA cert. But, if I recall correclty, you are not required to have a medical cert. in order to act as safety pilot.
The Safety pilot can log the time that the flying pilot spends under the hood as PIC, since during that time the safety pilot is "Responsible for the safety of flight" which kind of contradicts the medical requirement, but this is what I was told by a local FAA inspector.
If you want to peruse the FAR's go to
www.faa.gov and follow the links. Parts 61 and 91 would be pertinent, 91.109 talks about requirements for safety pilots. I would be curious as to wether or not your interperations agree with mine.