Advice running FB ads with precise interests, NF vs RHC, CPC vs CPM, bids

I need some advice in running my click-to-website FB campaigns which I started a about a week ago. My wife makes and sells reversible dresses with fabric from college football teams (Gatords and Seminoles). The ads are built around precise interests. For instance, we have a University of Florida Gators dress which we advertise to Gators fans (and variations thereof), men/women, over 18.

My strategy:
- Run CPC campaigns with $1 per day budget.
- Start bid in the low of the suggested bidding range and slowly increase the bid by 5 cents. I am offering a $5 discount on each dress. So far, the ads are barely being served. I'm bidding $0.37 per click (suggested range is 37-75 cents) for a Newsfeed ad and $0.19 (suggested range is 19-31 cents) for a RHC ad.
- I'm running one RHC and one NF for each dress

My questions:

Newsfeed vs RHC? Is the NF ad worth the extra cost?
CPC or CPM?

Should I test and see what gets the best CTR and conversion rates?

Is it bad to see higher frequency? In other words, will people get tired of seeing the ad?

Will I need to bid in the higher range or beyond to see any results?

This is the site with the Gators dress:
https://www.etsy.com/listing/1967692...orida-uf-gator

Thanks for any help/insights.