Can you please provide more details about Question 1
This can be a temporary solution if your blog is always in English language, because translation are not for such purposes. You may know more about theme translation with the following article.
Can you please let me know if my assumption is correct here?
Yes, you are correct. If you have large number of portfolio items than you have to stick with the Portfolio template instead of Widgetized page.
In order to see this power in Contango, you have to wait till next upgrade of Contango which is expected in this month.