1) The cost of travel is covered. Airfare to Philly and bus ride to Cape May, and vice versa when you are done.
2)You are paid active duty pay plus BAH and BAS.
3) I do not believe that you drill waiting to go to boot camp. They won't let you "raise your right hand" until you are less than 2-3 months from your ship date. Something about not accruing points for a good year, there is no DEP for reservists.
4) You have coverage for you and dependants with 31 or more days active duty.
However, if you are on orders less than that and are injured on Coast Guard time they will take care of you, not your dependants. You can also purchase Tricare for resevists while not on active duty (if you don't have coverage through your civilian job). I can't remember the cost, but it is relatively cheap.