yes you need to beat the elite four first and he should be there
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It depends on luck. when catching a magikarp, you have a 1/8000 chance of shiny.
you cannot get Drifloon in heartgold nor soulsilver the best chance of you getting one is in a trade
Go to the first city and fish off of the east side. Good rod is only 3% chance of catching one though, so it might take a while. I think you can also find them in pokewalker.
the red orb gives you the chance to catch groudon and the blue orb gives you the chance to catch kyorge.
No. If you make it faint, then you can find it later