Thank you for sharing this; I infrequently have to write standalone shell scripts but every time I do I spend a while looking around for best practices and often just end up with some contradicting opinions.
And the Google 'Shell Style Guide': https://google.github.io/styleguide/shell.xml
Just in case you hadn't seen them already.
2) Bash4 is trivial to install on macOS via home brew, so saying “available” is a misnomer. “Default” would be a bit better, but many Linux distros still in use don’t use Bash4.
3) Bash 3 vs 4 isn’t “wildly” different.
Good luck!