1st, is it possible to replace Slidable with a more robust slider plug in that allows for text layers, text animations, transition effects, etc?

2nd, if inserting a Slidable with three images, how do I make the Slidable full frame? No matter what options I choose the Slidable will not go full frame right and left, but instead leaves 75 pixels or so of background color.

3rd, is it possible to add a text overlay to the Slidable images/frames?

The slidable is meant mainly for images or content (texts, testimonials, etc..) So simple content. You are free to use any other slider plugin. Even premium plugins like Revolution and LayerSlider are supported and they provide exactly the functionality you need.

To make the slidable element full-width then just add it into a row which is set to be a section and choose a full-width type ;)

The overlays can be done only if the image is set as row background, the row contains a slider, the slider contains texts, boxes, etc.. But please note that the image will always remain static for every slide of the slidable. So to achieve this just use a different slider which is meant for such tasks.

Cheers

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