I think that's only if Concurrent user logins is disabled.
Regarding the voucher length, getting down to 4 or 5 characters is going to be hard. The smallest I could manage was this:
31-bit RSA key
Character set: 2345678abcdefhijkmnpqrstuvwxyz
# of Roll Bits: 12
# of Ticket Bits: 12
# of Checksum Bits: 8
That yields 7-8 characters. You can get fewer characters by adding capital letters to the character set, but that really doesn't make it any easier for users to enter on their phones.
No, you won't clobber the default page. It's included in the captiveportal.inc php page.
As far as going back to defaults you have to upload a 0-length file. On unix you could:
cp /dev/null captive_portal_reset.html
Then upload that as the page content file.