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Fortunately, I believe all the above formats do support loops to some degree, though (unsurprisingly) uncompressed .wav is deemed most suitable: http://manual.audacityteam.org/man/tutorial_looping.html
It's a shame Cherry has gone quiet with this as a lot of people do prefer this as it being "Pixel Perfect" more like the classic games rather than VX's take on it, it would be great to see added features such as larger Chipset/Charset sizes, basically some of the features from the newer RPG Makers should be put into this one, it would be awesome. :P
Yes! =D
As for in-battle events, I don't really know much about battle eventing myself, so I can't be of help there.
Is it as convenient as OGG use? No, but since RPG Maker 2003 was made before the OGG format became widely used (and was based on an RPG Maker engine (RPG Maker 2000) that released before OGG was even published) it would be very surprising if RPG Maker 2003 could be easily modified to play OGG files.