Second question first: You have very little to worry about from a shark at such a table. Both of you will be playing mostly ABC poker (a little more aggressive than most mean by that term, though) and profiting greatly from the other 8.
As for adjustments.... man, I should just throw up a wiki page for this to add to our knowledge base, like
http://poker.wikicities.com/wiki/Low-limit_adjustments . So that's what I'll do. Check back there as I (and hopefully others) will be adding to it during the day.