When a domain goes into pending delete status it's DNS have been usually deactivated for a while, generally since the domain entered it's redemption grace period (depending on the domain extension and the registrar).
It usually takes some time for a 301 to 'settle', so I would renew the old domain and keep it redirected for a while, here you'll find a compendium of data on the subject.
The thing is, if the domain has gone into pending delete status, the domain will be deleted soon (5 day period) and you won't be able to renew it. You could use a back order service to try and snatch it, or you could try to do it by hand if the domain is not valuable.
1- When the domain expires (probably sooner), you will loose access to the domain hence the address change will stop working, you'll see that in Webmaster Tools.
2- The pages will cease to exist and so will the redirections, the advise is to keep control of the old domain for at least 180 days.
3- It depends on several factors, like the amount of indexed pages, the amount of links pointing to them, crawling rate, etc. but for an average site it usually takes a couple of months for it to completely disappear from the index (can be a lot faster though).