1) this is the default behavior, no need to configure anything here. If you want to prevent users from inadvertently deleting stuff, or need to preserve data for compliance requirements, configure a retention policy
2) that's where a retention policy comes in place (or hold)
As to your proposed solution, I'd recommend skipping steps 1 and 2. Only use them if you have to meet regulatory requirements. Another thing to keep in mind is that channel conversations are not kept in user's mailboxes, but within the mailbox of the Office 365 Group underlying the corresponding Team. So the retention you configure on the user mailbox plays no role here.
And yes, you are probably right that in the proposed configuration the mailbox will be kept indefinitely, although I'd admin I havent tested what happens when only a "Teams" retention policy is acting on the mailbox.