1. Ya, it can be done with few customization.
2. First you need to copy the layout to wordpress theme to make it update safe. After that you will get the new location of the layout. From there you can open layout.php. And under this line,
<div class="wmle_post_title"> <a href="<?php the_permalink(); ?>"><?php the_title(); ?></a> </div>
<div class="wmle_post_excerpt"> <?php the_excerpt(); ?> </div>
3. The image width will remain same for all post. But height depends upon the image size you upload. We take the reference of image width and set height proportionally.
4. Ya all the settings remains in shortcode.
Hope this helps.