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You need to show more code to be able to give you a definitive answer. It depends upon how you define your code section and which version of Windows you are running.

If you define your code as execute only and you run a version of Windows that supports that attribute then you will encounter problems if you try to read or write the value.

But your code above will be okay no matter what because you never access the value stored there, you only get its address.

This kind of declaration is perfectly acceptable and is not much different that putting in .const section. In either case, because it is in a read-only segment, you can't modify the contents.

There is no restriction on code sections to always be read only. They can be writeable. And they can be non-readable and non-writeable.

A .const section could also be writeable. It would depend upon how the programmer defines the section.

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Why not? Stack room was invented for that (in part).

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Ah!... premature optimization? Sweet!
I think the fact that you mixing code and data in one section will somewhat slow your code.
Maybe more than a couple of cycles for stack setup.