Yes yes and yes to all 3.
There are way to do a lot of what you want. Out if the box just select the profile you want and run it. Then you can experiment with advanced settings. Start wit the WTV or WTV unprocessed profiles to keep it as WTV (you will need 2.3.15 or later for that).
Online access is only required to download additional series information.
Read the user guide and getting started discussion thread.