Have a bunch of podcasts stored on your server and aren't excited about creating each post manually? This can help.
By all means, have at it! I decided to learn to use Git, so all the code is available at GitHub. You can find the repo at https://github.com/machouinard/powerpress-posts-from-mysql.
Post the issue at the project's GitHub page.
No, but it helps. You will need to make sure you have remote access to the MySQL database if it's on a different host. I have a site on DreamHost using a database on HostGator and it works great.