1) - Do the small tokens with Lore Master & creature symbols (not War Council) actually serve any purpose at all?
In addition to Shadow Walk, there are a few cards that effect units for a short duration. I typically use the marker that corresponds to the card that gave these units the power to mark the unit. So if a Cleric card did something for an unit, use the Cleric Token.
There is speculation that future expansions will put your Lore masters on the field. Instead of seperate figures, the tokens could be used to show which unit has your warrior master on it.