Question 1:
Range simply allows you to hit at a farther distance

Question 2:
Asterons is a BM weapon, if your a BM newb use it. It is concidered a BM weapon due to slow, everyone knows someone using slow is a newb. Asteron also is bugged, the +damage from the weapon adds to your smite but doesnt show on damage display. The resulti s like another 120 smite.

Question 3:
Shako is a much better option since you can still get 49% DR from a shako setup and it does alot more damage in a shako set up as well as life.

Question 4:
Every pally has a weakness, jLiberators have a weakness when they charge, you can FoH them or smite the shit out of them.

Question 5:
The 4x Lo shield set up is only good if your going manner duels in NM. If its a hell game its going to be completely useless due too -100% Hell, -150% Conviction, -10-80% depending on gear and then you still need +75 to get positive resitances.