Hi Ali,
1) Yes, the command traffic-shape group is often used for shaping outbound traffic on an interface. The great thing about shaping over policing is that it queues the data instead of dropping when it reaches its excess value.
For more information on this command, please see:
http://www.cisco.com/en/US/docs/ios/qos/command/reference/qos_s4.html#wp1019742
2) You don't need the ip ospf network point-to-point if the loopback is using a /32 subnet. The whole reason for this command is to announce the loopback via OSPF as /24 if the subnet was configured as /24 under the interface.
3) You only need area range under OSPF when summarizing from one area to another area. Let's say you have the following loopbacks in Area 1:
150.1.1.1
150.1.2.2
The area range command would be:
area 1 range 150.1.0.0 255.255.252.0
HTH,
__
Edison.