Welcome to sidemount diving! On your last question, I added 2 small paracord loops to my bungees. Keep them in place with a cabletie. This allows me to put my thumb in those as I pull my bungee over my valve post. These added loops also makes it easier to unbungeeing at end of dive.
On your regs: I would not dive sidemount w/or regs with a 5th port.
I dive with steel LP85s. Clip them off on my xDeep drop rings all the way back. When they start to float a bit at the back, I reclip them on sliding D rings.