Of course, you still have to log in as a user, and Twitter could blacklist accounts that use this key on non-Twitter apps, which are going to have a lot of 'tells' and a specific signature in patterns of how they use the API.
(Twitter could even take advantage of that by hiding a code in a usage pattern, kind of like the POW who blinked in Morse code when he was put on TV)
I don't know about API quotas, but I'm totally sure that they allow more than 100K tokens.
In at least one way, yes. New third-party Twitter clients are limited to 100k users, but Twitter's official clients are unlimited. If those clients built in a "use your own authentication token" UI, you could put your official client's tokens in and work around that limit.
The Chrome app Hotot too. https://chrome.google.com/webstore/detail/hotot/cnfkkfleeioo...
It's possible, but I don't think it is at all an easy call.
1: http://www.theverge.com/2012/11/11/3631108/tweetro-user-toke...
Not true. Say you have a malicious Twitter client app that posts "Lose Weight In 30 days! <link>." Normally, Twitter could shut this offending app down by rejecting their client ID/secret; if they're using the official Twitter creds though, doing so would shut down all official Twitter apps in the process.