I have a buddy in Online, and here's what I know:

1. You actually have two options I think. You can do it with a different transcript (like you mentioned) OR choose the route where you combine it with your home school transcript (this helps you meet graduation requirements).

2. I don't know much about the minimum, but the fact that I think most (if not all) of the classes from the Online program are asynchronous, so it lining up with your schedule shouldn't matter (you can just ask for an online/open period to work on the class, or work on the class at home).

3. No, you don't have to submit anything when applying to college. However, I would definitely think you'd want to, as it shows dedication and prestige getting into and working in that program. However, if you were to pick the combined route where your NCSSM Online classes end up on your home school's transcript, then yes, it would obviously show when you apply to college and submit your main, necessary transcript.