1. Yes I am doing more of a rake for those quicker arpeggiations that go up the strings, just because I find it's easier and smoother sounding for me than picking each note at that tempo. However, I encourage you to experiment and see what picking approach works best for you. You may find you can comfortably pick each note going up the strings at that tempo, and if so, go for it!
2. I exaggerated the strumming dynamics throughout the tune so it was clear where the lower dynamics are in relation to the higher dynamics. If you play this song with other musicians, you'll need to run through it and feel out how to play the dynamics as a unit. Of course, you won't want to drown out the vocalist, so I suggest setting up your amp volume by strumming your highest dynamic and making sure the vocals are still loud and clear.
Hope this helps, let me know how it goes!
Mike
Keep rockin!
Mike Olekshy
GT Guitar Coach