Hermetic
The time is to allow you all to set up the covenant, so not as such.
If you want to say that Emericus spends his time working on improving the library through trade or copying (see the House Rule), that's perfectly fine. Same if he spends time trying to locate and investigate additional vis sources.
Perfectly fine. In addition to copper equiment for brewing, I'm assuming he will also provide the covenant with some lab equipment.