I tried Ed visa at Phnom Penh on a Monday morning and at the embassy they told me to come back the following Monday. So I went to Laos instead where it was a no hassle 1 day turnaround.
It's a gamble as to the turn around at that embassy. Lots of posts (and personal experience) on here about that embassy and their poor service. For me, they said "come back next week" (this was on a Monday). Others have done it in a couple of days. So, if you aren't in a rush... apply there and see what happens. If you want next day service, go to Laos or Penang.
Extension is from the date your visa expires so, no. You could do a border run part way through your extension to ensure you will have enough time left and you are staying in the Kingdom legally.
I have done it. Typically you have your visa by 2. There are vans waiting to take people to border. Stamp into Thailand and then same deal... vans waiting to take people to the airport.