1. How long can you stay in werewolf form? The base is 30 sec, and then you the timer is extended when you take hits (passive)

With some practice + right circumstances you can stay for as long as you like (assuming you do the right things to increase the duration). The base werewolf timer is 30 seconds. If you´ve 2/2 points into "Call of the Pack" you get 36 seconds as basetimer since the passive includes you as well. And Bloodrage no longer increase your time when you take damage, but when you deal damage instead.

2. Do you regenerate Ultimate while in werewolf form?

No

3. Does it matter what weapons you have slotted/or which bar you're on when you transform?

Well, if you want to transform you´ve to be on the same bar as the werewolf ultimate.

4. Does your weapons proc the enchants etc?

Weapon enchants and poisons proc in werewolf form.

5. Set bonuses still apply i suppose?

Yes

6. Do you still get racial, armour, weapon and class passives while in werewolf form?

- Racials: Yes
- Armour passives: Yes
- Weapon passives: No
- Class passives: yes and no (certain passives requires you to have a class ability slotted, which isn´t possible in werewolf form)

7. Does bleed ignore armor?

Bleed-damage ignore physical resistance, so to answer your question: Yes