To #1. By slower do you mean 3 seconds slower or .03 seconds slower (numbers as examples)?
By gearing, what you are doing is changing the torque/rpm ratio. For example, if you have a gearing ratio of 300:1, then your ratio changes to:
(torque*300) / (rpm / 300)
So in effect, your torque multiplies by the ratio, and your speed divides by it.
Adding gearing also reduces efficiency. For example, if you used a worm gear, multiply your output torque and speed by .8. This is from internal losses such as friction and force angles.
I actually did a tutorial on robot gearing awhile back, if your interested:
http://www.societyofrobots.com/mechanics_gears.shtmlHobby servos probably wont work for you at that weight. You will need to add some type of feedback control to each motor. Perhaps use rotary potentiometers at the joints?
I just did some rough math, sounds like your gonna spend $1.5k+, right?
I have plans for a biped in the works too, but that pricetag isnt far from the one I calculated for mine . . . bipeds arent just inherently hard, but inherently expensive too . . .