1. Yes it will remove the contaminants.
2. The IPA will be sprayed directly onto a ceaning rag and then used to wipe down the neoprene. To my knowledge degradation will not occur. Note that acetone & IPA differ due to a different type of bonding. Above image says acetone will cause neoprene (term is interchangeable with chloroprene I believe) to harden over time.
3. Yes. It did on a previous application.
4. Info on
warco.com website indicate neoprene offers good resistance to cleaning with IPA.