I own one, 7 1/2" barrel, bought it new in 1973. It's committed as a trade, but I'm not unhappy with it - just one of the guns I haven't shot in a long time. To answer your questions:
Yes, it has a big flash. That is because the powder in a standard round is designed to burn in a much longer carbine barrel, so there's this big 'ol flame out the end when you fire. The barrel length also makes for more blast (roar), so be sure to wear hearing protection. It's a waker-upper at an indoor range. Recoil is very manageable. I haven't chrono'd mine, so can't testify to velocity but presume it's reasonably quick for an unusual combination like that. However, it should also be noticeably less than out of the carbine for which the mil-spec round was designed.
The cases are rimless, designed for a semi-automatic carbine. They feed into the cylinder in the same way .45ACPs feed into a conversion cylinder in a .45 Colt Blackhawk. No moon clips are involved and wouldn't be even close to practical in a single-action revolver, since you'd have to remove the entire cylinder each time. Extraction is by using the ejection rod, one case at a time.
As for reloading, it should be possible. I had been thinking about getting into it were I not trading the gun. With all the information on the Net today, it shouldn't be too difficult to find some load data that will get you to a combination you like, particularly if you can work into a powder that burns more fully before the bullet exits the barrel. I'd first try asking in the handloading section here at the Firing Line.