Yes, amino-acid frequencies are taken into account. For more information, see Wootton and Federhen (1993) Comput. Chem. 17:149-163.
I'm not certain, but I think not. The assumption is that the process that produces low complexity regions is not necessarily the "normal" mutation process; seg/pseg focusses more on identities.
Yes - one can use any of the PAM or BLOSUM matrices
You are mistaken. There are no high-scoring alignments that are unrelated with different structures. Sequences that share significant similarity (because they have high alignment scores) always have very similar structures, as structures change more slowly than sequences. High-scoring alignments are very reliable.
The formula for the probability P is given in the handout from the extreme value distribution: p(S') = 1 - exp(-exp(-S')) where S' is the normalized score. The scoring matrix comes into play in calculating the score, and also in the "lambda" parameter used to normalize the score (S' = lambda S - ln K m n).