This plugin automatically generates a Short URL for your article. You can choose your favorite provider and get multiple options.
Nope, you can simply use [shorturl] to insert just the short url.
Nope, you can use the optional parameters in any order - just like for all shortcodes.
You can define the labels in the "Short URL" Settings page, which can be found in the "Settings Box" in your WordPress Admin Interface.
It defaults to "1", so by default the Short URL will be displayed (thats what this whole thing is for). But maybe you want to post your permalink at the beginning of your article and the Short URL at the end, so you can use the shortcode twice - the first time with short=0 and full=1 and the second time without any options.
Spread the word and maybe write an blog post on this plugin with a link to the original post at the autors page.