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1. Completely depends upon the OS. In Windows, there will be no kept logs of usage since it is a seperate SMTP engine. However, if an email fails to send properly, chances are it will end up back in your inbox as "Message Undeliverable", but that hardly constitutes a logfile. On the other hand, within a *nix/*BSD distrobution, it would most certainly be logged. I'n nearly positive sendmail logs activity in and out as normal procedure, including seperate SMTP engines. On the other hand, getting a seperate SMTP worm engine to work on nix is near null since it does not have proper permissions or area control.
Because the virus/worm uses it's own SMTP engine it will
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Correct, in order for an SMTP engine to have unlimited access it would need some way to run as root, especially if it is a secured and locked down box.
Why would it need root? It's outbound only so there's no need to open a port <1024 hence no need for root. As said above any user can telnet to port 25.