I own numerous LG items, so I hope this helps:
1. I wouldn't size up, unless you want a baggier look. (I own S, M, & L; some are a hair tight, some are baggy, and some fit juuuuuust right. They all work for me b/c I layer different things w/ them.
2. No Logo items of mine have ever scratched. (...or pilled either; I don't understand how so many shoppers mention the pilling.) And yes I wash my clothes. (Haters: Back off!!)
3. I recently bought two vests with embellishments, and yes - a tiny bag of bling was attached.
4. Dunno...don't have any chalk. It looks pretty darn see-through to me, though. I wear at least two layers with every color, except maybe black.