Said tinkering is pretty simple actually, just install weston. Weston is a reference wayland implementation that can run inside X11, so you can run waydroid inside weston
It is definitely very performant. However, it was a pain to set up when I first tried to use it. First installing it, then installing an ARM to x86 compatibility layer, and then certifying the device for Google Play to work (which in hindsight isn't necessary considering that Aurora Store exists.)
Depends on the use case.
If OP's main goal is gaming, they'll likely miss the control remapping features. If the use case is running standard apps, then for sure
I tried that and it wasnt good. Though I was on windows at the time. So Waydroid is a godsend, its pushy with the licensing which was annoying to deal with.