I go into slightly more detail on this point here: https://news.ycombinator.com/item?id=32603317
No, I don't believe it would read the same without emphasis. Especially since the emphasis is often on superlatives rather than the substance of certain statements. I'm not sure what to say other than, "emphasis is a tool of graphic design that does, in fact, function." It guides the eye and enables the reader to skim, and if you took away the emphasis, this document would be less effective, at least if the goals of the document are what I have argued.
Your questions seem reasonable except the fact they're about him!
Do you understand his (very populist) history?!
It's pretty apparent that one of the intentions of this document is to get Musk out of hot water - totally separate from "protecting the internet" and not a particularly populist goal.
I'd speculate this represents a collaboration between Musk and Mudge's legal teams, probably in exchange for Musk funding litigation from Mudge regarding wrongful termination. That's all speculation, it's just what makes the most sense to me.