Here is a link to each article in Toms series of articles on club fitting, He has over 30 years of experience in club design and fitting. They are a very good read for any interested in learning more on the subject. [[SPOILER]]
I play my driver at 44", and my fairways at -1" from stock. My irons are -.5" and really like it this way. Tom Wishon wrote a really good 12 part series of articles about club fitting and length was one part of it. I highly suggest reading it. There is a lot of great information on the subject in there. Have a great season :)
Not necessarily, a 46*/48/ bladed wedge will launch the ball lower than a 45* gi set wedge that's designed to get the ball"in the air". So you'll get a little more distance out of it vs the matching sets wedge of the same loft so you can have a bit more of a loft gap there if needed.