Just going to address things in order:
- If you have the personal capacity to do an accelerated form of study, go for it. I didn't find the work load that difficult coming off an undergraduate degree.
- My placement was found entirely for me. I told my co-op advisor what areas of law I was interested in, and they actually were able to get me a direct match. If you have someone in mind that has already agreed to take you, you can certainly make everyone's life easier, but we weren't expected to find our own placements. The only thing they didn't guarantee was that we would get our exact interest area, which is fair enough. I worked under a criminal defence lawyer.
- Unless you plan on being licensed as a paralegal and want to take the licensing exam, go the ILCO route. If you really just want to work as a law clerk, that program will be far more beneficial for you. The paralegal program focuses on teaching you the skills you need to open your own business and practice as a paralegal. It does not teach a lot of the areas that the law clerk program covers that would be way more practical for you to get into a corporate setting.