No.  All the threaded fasteners in this product are very stout, and can be tightened solidly.

Not usually.  Typically, this kit is ordered for a bike with bar ends or caps which screw into the ends of the bars with their own threads.  On these bikes, you just screw off the old stuff, screw on the new.  You do have to add or subtract shims to get the clearance right.

This product is stout enough to protect parts of the bike, but what it protects depends on what hits the ground before the handlebars, and whether the bars bend or not on impact.  The product will sustain damage, but will remain functional as vibration control.