1. I know the FH is finished but how do you get involved? Do you have to be certain level to gain entry? I can not see the option anywhere in the menu to join the fun. Also, what's with this new Victory Point Tournament? How do you gain entry?
You can enter Frontier Hunter any time during the days it's running at any level. Although obviously the stronger team you have, the better you will do overall.
The Victory Point Tournament is new and wasn't even done in the Japanese version, so little information is known about it. However you need to be at least lvl 15 to enter, and players of different levels will be divided in tiers:
Tier 1: Lv 15 - Lv 24
Tier 2: Lv 25 - Lv 34
Tier 3: Lv 35 - Lv 44
Tier 4: Lv 45 - Lv 54
Tier 5: Lv 55 - Lv 74
Tier 6: Lv 75 and above
Most are assuming Victory Points will be rewarded to people for completing quests, so this will probably be a tournament to reward people for spending gems on energy.
2. How do you decide on which version of the hero is the best? For example do you go with the version that screw towards particular stat or do you go for something more balanced? eg. for Eze, do you go with a breaker version or guardian version?
If you can, try to get a version of a unit that helps balance its stats. For example, Magress has horrible recovery, so you wouldn't want an Anima Magress making his recovery even worse, vs Oracle Magress. However you also have to think about the role the character is playing. For example, healers you always want guardians so that they can have more defense against attacks.
Now to the units:
Fire:
Beast Zegar (Anima) L20
Magma Knight Agni (Oracle) L32
Lancia (Breaker) L1
Lorand (Breaker) L1
Lorand (Oracle) L1
Drake Queen Aisha (Oracle) L61
War Demon Vishra (Anima) L1
Witch Liza (Oracle) L9
Thief Leon (Oracle) L14
Do I max level Aisha before leveling others? Is Zegar any good? Which version of Lorand is better?
Don't waste any time on Zegar, Thief Leon, or Liza, These are free units which will not have stats better than the premium units you rare summoned. Lorand has bad defense, but in this case I'd go for Breaker since it's not that much of a difference, and the extra attack is useful. Keep everyone else since you can make a good fire team around these units.
Water:
Holy Ice Selena (Guardian) L44
Healer Merith (Anima) L16
Captain Mega (Anima) L1
Elimo (Anima) L1
Hail Bot Reeze (Lord) L1
Gun Lady Serin (Oracle) L49
Pirate Verica (Oracle) L28
Do I max level Selena first and trigger SSB or should I raise Elimo first? Is this a good version of Elimo? Gun Lady Serin or Hail Bot Reeze?
Drop Merith since you have Elimo, and Vercia. Keep everyone else for a water team (Reeze being a good leader in general to avoid status ailments). Elimo is better as a guardian, but if you don't have more gems to spend don't worry about it.
Nature God Lance (Anima) L80
Time Lord Claris (Lord) L28
Wild Bandit Zaza (Guardian) L53
Titania (Guardian) L40 BBMax
Pixy King Leore (Anima) L1
Edea (Breaker) L1
Maiden Bayley (Anima) L40
Do I try to evolve Lance first? Is Maiden Bayley is the good version? What is her best version? Is Leore version any good?
Breaker Bayley is the best version since her attack is lower, but since the dungeon is over, keep the one you have. You can get rid of Zaza and Titania, but I would try to farm a Guardian Claris for a mono earth team to replace the Lord one. Leore is a decent leader for non mono colored teams, particularly once global gets his 6 star form. Otherwise he's a good unit for you to build a mono earth team with.
Lightning:
Warrior Eze (Guardian) L1
Thunder God Eze (Breaker) L42
Commander Weiss (Guardian) L52
Advisor Weiss (Oracle) L1
High Dancer May (Oracle) L12 BBL8
Aero (Oracle) L30 BBMax
Sky Emperor Grafi (Oracle) L60
Great Falcon Ziz (Oracle) L27
Bolt Knight Amy (Guardian) L1
Is Breaker version of Eze any good? Should I abandon it and go back to Guardian version? Should I keep leveling Weiss?
Get rid of Grafl and Aero. Breaker Eze is better than the Guardian one. For mono Thunder purposes I would keep a Eze, May (farm Guardian), Ziz, Weiss and Amy. If you can, farm the thunder battle maiden dungeon so you can drop Weiss for Fennia (breaker).
Light:
Great Sage Mimir (Anima) L40 BBMax Main healer before spending 70 bucks...
Priestess Maria (Anima) L6
Angel Maria (Lord) L39
Pistol God Heidt (Lord) L41
Knight Will (Breaker) L1
Which version of Maria is better? Is there any point in leveling and evolving her?
Mimir is better than Maria, even with Maria's 4 star form (Mimir will be getting 4 star), so I'd drop Maria and get a Guardian Mimir when possible. You will need more light units before you could attempt to build a light team around these guys though.
Dark:
God Blade Mifune (Guardian) L60
Ryujin Mifune (Breaker) L42
Dark Arts Lily (Anima) L6
Hell King Hades (Anima) L1
Did I pick the wrong Mifune to evolve?
Not enough units to make a good dark team, but for now I would focus on Hades. Mifune has horrible defense so Guardian is fine, although you will want to dump him for better rare summon dark units once you get them.
Ignoring mono teams, as Ferga mentioned you can make a great rainbow/multi type team with Reeze as your lead to block status ailments, mixing in your rare summon united and premium healers depending on the opponent.