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1) Yes, it is possible because it was never registered in the USA so therefore there would be no USA title.
2) This is not a big deal. Depends on your DMV who may or may not have seen such a thing but these things happen every day because you have to remember that every car that comes into the USA doesn't have a title - even if it's new. The dealer always handles this. A car doesn't come standard with a US title - how could it? What state would it be in?
3) In my previous life, I had been involved with an import company on getting titles for Ferraris that come into the country back in the '80s and '90s. For most states this is not a problem. Most of the people at the DMV just say 'Oh, I haven't seen one of these before...'
4) This is not a hurdle. However it may help you in getting a better deal by bargaining with the seller.
5) The only time THIS WOULD BE A PROBLEM is if the 911 were 25 years or NEWER and it was not brought up to snuff with EPA or DOT compliance. So if it were a 993 you were looking at, or a later 964, this would be an issue. You could get around this, but it would be too much of a hassle and it would be illegal.
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