I recently spoke to an FOI and he is looking at the flight review bit but stated that the legislation was written by CASA pilots then handed to the lawyers who messed totally with it to make it legal speak.
His opinion was that while it may be legal to do a flight review currently, that was never the intent, hence the Part 61 operator box on the form.
All the other stuff I wrote in #1 is not permitted (as Captain and ersa and others pointed out). Ref 61.195
In answer to "what can an independent instructor do", it would appear very little except design feature endorsements. Form 61-3DF has no box for the Part 61 operator. Ref 61.195 again.
At least that's my interpretation so far .....