1. Yes, of course. But if it is not in the NIB conditions, I would not bother. Every gun was built for shooting and not for laying in the safe. These guns were made after the war since 1945, last series were made in 1949 and completed in 1950, before the CZ vz.50 came to production. About 60 000 CZ vz.27 were made during this period. Not real valuable, I think.
By the way, are there some markings on this pistol? Should be interesting to know, where it was in duty. It was used by the police, by the post offices, by the security in the factories...
2. 3. Yes, but do not use +P or +P+ specified ammo. Sellier and Bellot is OK. I am from the Czech republic, so I do not know what ammo in 7.65 mm is common in the US.
4. Postwar CZ vz. 27 had some problems with the "light" safety lever. You can turn it on safe position during the shooting. Another problem should be grips. They should crack during the shooting, but it is common problem with the old plastic. And like any other old gun, there should be many other problems, that can be found only from the gunsmith and/or during the shooting.
Could you post some pictures? Might be interesting for us!
Enjoy your new toy!