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The subject says it all.

I would say Yes and No, True Custodes are better than any Space Marine, they were created before the Space Marines and created better, because they weren't mass produced. I have seen a lot of people just use GK rules, which makes some sense as almost all Custodes carried Halberds with inbuilt bolters. Scibor makes "Roman Legionaries" which are more or less meant to be Custodes, so that is a start. The main thing that I see is that I don't know if it's ever mentioned that they have any Tanks, Dreadnoughts and TDA of course, but it might get a little cramped in the throne room with some Landraiders and Rhinos.

Sounds reasonable, but cant really see them as an army in their own right, more like an attachment to other imperial armies. I would imagine they'd function similar to a space marine with a few separate rules;
Same stats as normal marine but WS5, A2 and Ld9. Loose combat tactics and combat squading since they're meant to be lone wolf type dudes. And for weapons have a double handed weapon that gives +2S and can shoot S4 AP4 18" assault2. Sort of like a cross between an ork shoota and sternguard kraken rounds. And I'd probably make them 20pts a pop in units of 5-10 guys.
Despite saying they were 'lone wolf type dudes' I still think they would work better in small squads. Otherwise they'd probably have to be like a marine equivalent of marbo as I cant see them being an HQ

They did, at least, have Jet Bikes at the time of the heresy. Specifically the assault on Prospero.

I would treat them as a allied contingent, and sorta in the style of the RT era greyknight terminator squads, 5 man squad, and make them seriously nasty, 2 wounds that kind of thing, fluff could be its a Custodes training squad, sent to get practical battlefield experience.

Would be more for bling and cool factor rather than any real combat advantages, could just use GK rules and sub converted models.

But a whole army..only if you are recreating the assault on the emperor's palace.

Thank you for you feedback.