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Very cool! I use the KIND LED myself. I have a room full of tropical trees, vanilla, and many other things that don't grow in my area. If you start to notice any more leaf curl than that, I would move the light up just a bit. Although there is a fine line between what you need to do a bonsai with this, and what is too much.

Now, about those offshoots. You may pluck these at any time. In fact, these will root VERY easily, so you can make others. It will try to produce many of these, and they can take away from your ultimate goal by stealing resources.

Yes this is indicative of an insect problem, usually. I have a full on pest control system I use which is safe, and can be used at anytime. This method will focus on soil issues, and insect problems. you may LEAVE OUT the sulfur treatment, if there are no signs of infection of this sort, but the dolomitic lime is useful regardless. It will help recondition your soil. The spray is most effective with all ingredients, but it isn't completely necessary to have everything.
My recipe is as follows: First, you will want to prime your soil with wettable sulfur (for fungus control) and dolomitic lime. (for balancing pH, supplementing magnesium, and calcium.) Then, you will mix the following in a spray bottle with warm water, and a spoonful of coconut oil- Neem oil, rosemary oil, garlic extract, thyme oil, cinnamon extract, and for heavier insect infestations, Clove oil.

Spray as often as needed.

Here is an article for more information on this plant: https://www.gardeningknowhow.com/houseplants/schefflera/schefflera-plant-care.htm

If there are some leaves or growth close to the bottom then cutting the stem down the the preferred height will cause branching.

If there are no leaves on the lower portions of the shrub, then this can be slightly risky. MOST of the time it will force branching. Sometimes it can cause the death of the shrub depending on the health. If the shrub is healthy overall, then cutting will certainly force branching. As long as you can leave a few leaves for photosynthesis, then you will have almost 100% success.

This article will give you more information: https://www.gardeningknowhow.com/houseplants/schefflera/schefflera-plant-pruning.htm

The photo is dark, but from what I can see it does appear to be schefflera with multiple stems that have been "pleached" (woven/braided) at the base for a unique aesthetic effect.

It's not necessarily good for the plant in the long term to have potential constricting wrap-around growth occurring, but not outright harmful as long as it is doing okay that way.

Problems with circulation (uptake of water and nutrients) could develop in the future and cause decline and die-back of one or more stems and part of the foliar canopy. But that is not a certainty and it may do okay.

Leaves on a money tree that are over watered become yellow and droopy.
Too-dry trees exhibit leaves that are wrinkled and curled. Watering issues are the most likely culprit.
Soil should be allowed to drain properly and dry out between waterings.
This article below will help you review care.
https://www.gardeningknowhow.com/houseplants/pachira-money-tree/growing-money-tree-houseplant.htm
You can give your plant time and it could recover if the roots are not damaged.

Its single-stem growing habit does not allow you to split the dwarf schefflera at the root; instead, propagation is done through cuttings, seeds and air-layering. ... Air-layering divides the plant into two separate plants without damaging the existing plant.
https://www.gardeningknowhow.com/houseplants/schefflera/schefflera-plant-cuttings.htm