I agree with LoyceV. Fees will get lower some day (and it might not take months, but less). The mempool used to have about 280k transactions (when fees where 300-500 satvB), now it has only about 140k.
I am waiting. I am spending larger inputs now, but I made an 11 sat vB tx yestertday. I am waiting for less than 2 sat vB for my big consolidations.
3. If I do a consolidation with a very low fee hoping it happens to get picked up, and it doesn't complete, what will happen to it? How long until I can try again?
That depends on your wallet. I don't know whether or not Trezor keeps broadcasting your transaction. Currently, the mempool limit is
4.95 sat/vbyte, anything lower than that won't even broadcast. But the same link dropped from 1.8 GB to 918 MB this year, so I have high hopes we'll get a good opportunity to consolidate inputs at low fee.
If somehow your tx get stuck, you can always rebroadcast it or even use
RBF