Re the vertical zooming - I ran into this problem before, and confirmed in another thread. But I just tried it again now to see if I could find a workaround, and it worked perfectly. It worked whether I had auto-zoom on or off, and whether I right-clicked/dragged in the timeline or used the "spinner" in the lower right. Regardless of whether the track was selected or had the focus, it remained centered.
The only difference is before, I tested it on a desktop and now I tested it on a laptop. But they're both Windows 7 64-bit. The only difference I can think of is the graphics on the laptop don't do Aero, which I have enabled on my desktop.