1 – I’ve found a niche with low competition and good CPC . but the thing is the while doing competition analysis. I observed that most of the sites that are in the top 10 serps ranking are small ecommerce site selling their own product or sites like niche specific classified ad site with low and thin content. What are your suggestions ? Should I go for such keywords ?

Google has introduced Google Suggest in 2012. Google Suggest is typically used as a live feature while a user is typing a search phrase into the browser or google website. Google Suggest uses the organic search input of billions of users and try to "guess" that way what a user might be searching for even before he completed entering the query or all the words of a keyword phrase.
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The Google Keyword Tool has a variety of helpful features meant to streamline the keyword research process. By entering terms or phrases into the search box, the Keyword Tool allows you to build extensive, relevant keyword lists from one simple interface. By default, the tool displays Advertising Competition, Global Monthly Searches, Local Monthly Searches, and Local Search Trends for each keyword. Additional options allow marketers to show the estimated Average Cost per Click, Ad share, and Search Share.
The limit on manual keywords could be higher.  I personally wish we could input 10,000 keywords at a time, instead of 200.  However, I understand the costs that Long Tail Pro has to maintain each time a new manual keyword is input.  Not a deal breaker, I just wish the limit was higher. (To be fair, I don't think most keyword tools have a bulk manual option at all).
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