I'm still wondering...
1) yes to which question? How do you know this? I've never seen the GLaDOS app's reported values change once they've been set unless I change the voltage.
2) OK yes I see that running the camcorder calibrated the highest slot. What does that mean? What does the camcorder have to do with the GPU?
1) Yes to both question. SmartReflex run pretty much like you described. And there is a small difference between having smartreflex on and setting voltage manually. If smartreflex found the calibrated voltage no more stable, it will raise it.
3) SmartReflex calibrate only the slot that were used. It does not calibrate only CPU, but IVA/CORE too.