Won't the strong magnetic field squish the electron orbitals somewhat, causing a minor effect on chemistry? (an even stronger magnetic field would be toxic, in a way)
There has been a lot of work in the past in terms of doing chemistry in a strong magnetic field. As far as I know, no one has actually seen any difference.
This might be possible but I don't think the effect is significant. Nuclear magnetic resonance spectroscopy is used extensively to analyze molecular structure and monitor reactions. NMR instruments commonly have about 7-14 tesla magnets.
Yeah, we might not be capable of producing magnetic fields strong enough to noticeably alter the chemistry of anything. I'm not sure at what intensity the effects would begin to be noticeable.