1) My sources in the EoFF FF7 page tell me 60,00 HP.

2) No idea about the racing, I was only ever raced for points to spend in the Battle Square, and to get one more dam Megaelixer so I could dupe them....

3) It's in the are with the large amount of greenery overhead and the glowing pit in the middle. The last secreen before all 3 branches meet up, don't remember which branch though.