While I may be wrong, I don't think so.
If Wolves win the Europa they'll get a CL place but we'll still get Europa. I don't think a country loses a Europa place if a team from that country wins the CL; it just gets an additional CL place. While I'm guessing here, it might also mean that we get through to the Europa group stage instead of playing a qualifier, because Wolves, who would finish in 6th and would have gone through to the group stage, will instead be in the CL.
I think the only way that we can fail to get Europa is if the Goons win the FA Cup.
Spot on.
I thought so too. But you can only have a max of 7 places in European competition, that is spread over both CL and EL. If we get 5 in the CL we forfeit a EL place.