You'll be able to trade in HUC for CHI up until a certain date/block for a very good rate..
will have more info soon

If I buy some HUC right now will I be able to trade it, or has this block/time already passed?
The time definitely hasn't passed, so I'm quite sure if you buy now you'll be able to burn it for the ICO thing.
Correct. The burning hasn't even begun, yet.
Is the ico going to be totally funded by HUC? If not, will it be cheaper to buy into it with bitcoin, or burning huc?