To answer your questions: (but I haven't been in an R22 since 1996)
"As far as i understand ..... When the proper tension is reached a sensor in the actuator will de-energize the actuator extinguishing the CLUTCH warning light.
Correct. Disengaging the clutch is done by pulling the tail rotor driveshaft downwards (bending it) until the belts are slack. There is a down limit switch to stop it pulling too far, and an upper limit switch to stop it over-tensioning the belts.
"Should the belts fail to attain the proper tension due to them being worn out as the actuator reaches its fully extended position, an over travel microswitch will prevent the warning light from extinguishing IS THAT CORRECT? IS THE MICROSWITCH DE ENERGIZING THE MOTOR AS WELL?"
If the tension doesn't reach the right level, the motor keeps trying to extend the actuator - that is why they say to pull the circuit breaker if the light remains on after 5 seconds in flight. Don't want to burn it out.
"Should the CLUTCH warning light flicker or illuminate for more than 5 seconds during flight indicating that the electrical motor is trying to tension the V belts, an imminent belt, upper and/or lower sheave failure can be anticipated. IS THAT CORRECT.? " Yes
"And IS IT USING THE SAME MICROSWITCH AS DURING STARTING?"
Remember there is a lower limit switch to stop it on disengage, and an upper limit based on tension.
"WHAT DO YOU DO IF THE CLUTCH WARNING LIGHT STAYS ON?"
Pull the circuit breaker to the clutch, come home carefully.
"what about the outer one? is it just a fairing?"
No, when the inner goes faster than the outer, the little teeth engage the outer shaft and make the rotor turn. If the rotor goes faster than the inner shaft (the engine) the teeth are over-run and the rotor can turn even if the engine has seized.
"Is the only reasons for the coning hinges to allow the blades to flap up during coning or they serve any other purpose throughout the flight? Dissimetry of lift and so on?"
They allow the blades to flap up with collective pitch and to flap independently with cyclic application.