Hi friends,
I found an answer to my own questions when I tried it out!! Just wanted to share the same with all of you.
1. Telnetting was possible to the inside interface standby IP. So, no need to have console access to the standby unit. It did not work earlier as the inside interface was connected to a different switch port. When changed, I was able to telnet to inside interface.
2. I was also able to ping inside standby IP
3. Not having a standby public IP for outside interface did not matter. It just showed up as 0.0.0.0 in show monitor-interface command. But when switched to active, it took the active public IP.
4. I think that management0/0 interface is a good option to use when in transparent firewall mode. Since, there are no IP's used for other interfaces, the firewall is managed using the management interface IP.
Thanks and Regards
Gautam