so to each point.
1. I believe that Google would have to hold any revenues for all works it uses for the rights holders. As long as they have the mechanisms in place to distribute those revenues and will pull works from distribution once they are told explicitly, I don't see the problem.
Rights holders don't have any say monetarily or otherwise when their works are sold on the secondary market as far as I know. This seems to provide a wonderful wealth of access to out-of-print books and provides a documented stream of income for the duration of the copyright.
2. I think the agreement should give everyone who registers with the Book Registry the permission. That detail can be handled by the judge.
I think the Book Registry should be donated to the US Government as part of the settlement in fact. That way any future copyright revenues could be properly handled for any and all companies/people who wish to utilize the intelectual property rights.