8 days
Once you get him, he's a free troop. And the drill is slow, it helps but you still need to farm for de no matter if you are th7 or th8. Might as well get a head start.
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No...I waited until th8 to do my king. It's so much easier to do king the higher your th is. I just finished maxing mine to 10 for th8
If you can, sure. But if you have nothing left to do at hall 7 bar the BK and dark elixir jobs in the lab. Just upgrade.
Town Hall 7 is a horrible place to farm dark elixir.
What's the maximum level, 5? If so, and you think you can do it, do it! Farming in TH7 is extremely fun. Climb up to gold ll with your 3 light spells to zap good amounts of DE and loot inactive bases for DE. But, I would do this AS YOUR TH UPS TO 8. Do not do this before you up your th, it would be a waste of time, to be honest.
The DE drill is slow but as long as it's upgraded to level 3 which is the max at TH 8 every little helps. If he focuses too much time at TH 7 in trying to gather DE he's just going to hinder his progress and stall. Best to continue progressing his base along with the ability to upgrade his BK to level 10 which I would highly recommend. DE farming is a lot easier at TH 8 also then TH 7 where most rely on lightning strikes to get their dark elixir. Just my personal opinion. Cheers.