Balance grade as defined in ISO 21940-11 is in mm/s. If you read the standard, it should answer your questions.
1. There used to be an Annex (if I recall correctly) in an old ISO 1940 that reminded one that it was not possible to relate vibration to balance grade.
2. 2.5 mm/s - See ISO 21940-11.
3. Question not well defined. Basicly the balacne grade, G, is the permissible mass eccentricity multiplied by the rotational speed (max) in rad/sec. More in ISO.