My goal is to create a new work item type that will allow for the simplest possible work item as follows. 

R1) The new work item is to store two custom enumerated fields (name and version number).

R2) When creating a new work item of this type, display and entry should be simple and only require the display and entry of the two enumerated fields.

R3) Ideally, the new work item’s status/state, Planned for, and standard attributes would not need to be stored or displayed with the new work item.  The parent work item would define the value of these standard fields for all child work items of this new type.  That is to say that if Status or Planned for changes for the parent work item it would logically or functionally apply to all child work items of this  new type.

With that in mind, that leads to the following questions:

Q1) What is the simplest, most efficient, and maintainable way to create a new work item type that only maintains and displays the two fields mentioned in R1 and R2?

Q2) What happens to all the standard work item fields?  What is the best way to deal with those standard fields when creating the new work item type?  (hide, remove, etc.)

Q3.1) Do standard work item fields like status/state and Planned for have to be maintained or populated for the new work item type? 

Q3.2) If no, is there a way and is it advisable to remove those fields from the new work item type and simply derive those values from the parent work item?

Q3.3.1) If standard work item fields like status/state and Planned for have to be maintained or populated for the new work item type is there a way to automatically populate them from the parent work item?

Q3.3.2) If standard work item fields like status/state and Planned for are changed on the parent is there a way to automatically change the value of those fields for all child work items of this new type?