1. I really don't think that the modchip and the system menu have effects on each other... So with one word YES (it seems like a future-proof chip)
2. Again, it has nothing to do with the wasabi.
You have to read more about modchips to really understand what they do!
About the list, it does exist somewhere on gbatemp, don't have a link though... But I remember that Kingston is compatible... Actually, they all should be compatible, for they are all standard mass storage devices... Just make sure to format them to WBFS
Oh, if you want to load games only through the USB (no DVDs) then you don't even need the Wasabi