Holy crap that's a lot of questions.
$50 for a scope?
Couldn't find anything cheaper than that huh?
If you look at the mount, it's .774" from the ring bottom circumference to the bottom mounting surface of the base... your scope will be, measured at the centerline of the scope
, 1.274" above the dovetail rail on the rifle.
With the scope mounted, you have .125" gap between the 1" tube and the top of the base. This allows room for the "turret block" to clear the base... if there is a full surround turret block.
The objective bell... you have .344" (difference between .1.274" and 1/2 of your objective bell diameter, or .930")... plus your approximate .150" clearance from the barrel. Plenty of room.