You can choose to create the wand with a lower caster level. The 10th lvl caster can make the wand with cl1 and get the same price (750 gp)and properties (1d8+1) as the 1th lvl caster. Or he chooses cl5 and get wand with 1d8+5 for 3750 gp. In this example a higher cl than 5 is useless.
Yes that is true, besides the fact that I don't believe a 1st level character can have the crafting feats to make the wand. Also remember that the variables of the spell that depend on caster level are cast through the wand at that caster level. So for cure light wounds you get additional healing up to 5 IIRC based on caster level. I do believe you can always adjust the caster level down to the minimum you can cast that spell level at though, though hopefully someone can confirm or refute that because I'm not certain.
For potions, scrolls, and wands, the creator can set the caster level of an item at any number high enough to cast the stored spell but not higher than her own caster level. For other magic items, the caster level is determined by the item itself.
Staves are similar but somewhat different. They follow the same rules (you can set the caster level to any number between the lowest necessary to cast the spell, or as high as the crafters own caster level), but have a minimum caster level of 8th.
No. The revelation effects won't carry into the wand, the wand is just a CLW wand, and would still do 1d8+5 even if made by a level 10 life oracle with enhanced cures.