The respose to question one is yes. Error disable is on by default. However you have the option of using:
errdisable recovery cause XXX
errdisable recovery interval XXX
Lets say you set the port to disable after already seeing two mac addresses. You can set the port to check again in say 5 minutes, if the condition has been corrected (third mac address removed from the switch) the port will reset itself from its condition. In this example the commands would be:
errdisable recovery cause psecure
errdisable recovery interval 300
Number Two
Per Cisco: "Protect—when the number of secure MAC addresses reaches the maximum limit allowed on the port, packets with unknown source addresses are dropped until you remove a sufficient number of secure MAC addresses to drop below the maximum value or increase the number of maximum allowable addresses. You are not notified that a security violation has occurred."
Number Three
If you run SNMP, you will be able get an alert of the effected port.
snmp-server enable traps errdisable
snmp-server enable traps port-security