This will be stored locally (where you have installed)
Yes, you should, the installation process should provide information on what is minimum space required. However, the potential size of your data collection activity will determine how large the space will be beyond the system’s minimum requirement.
Yes as long as you set the data collection application to it.
In addition to what @stephanealoo has advised, this post discussed previously should also help you identify the path of the data that is stored in your device: