1) Look for obvious damage: deep scratches in the ball, bent ball end of housing, broken race area on ball, broken knuckle housing
2) You may have to replace all the parts and rebuild only to find out your alignment is way off (camber and/or caster) due to the end being tweaked hard.
3) Yes, this is an issue on all 80 series trucks. There have been a few here that have documented their failures and repairs. Most have been caught early or happened at very low speed in or near the driveway.
4) There is debate here on using Loctite to seat the studs to keep them from falling out, but there are many thoughts on that and you must make your own decision based on your usage.
Make sure to have all parts properly reassembled per the FSM and read many of the threads here about the steering arm and making sure it is tight and how that procedure works. (dead blow hammer while torquing)
Get a copy of the FSM (see resources above) and read all about this disassembly / reassembly.
If you recently paid a shop to do the front on the truck, they will be re-doing this work and it should be for free if it's within a reasonable time / mileage frame.