Well the standard pianostreet answer would be: If you are asking such questions you're not ready to play this piece.
However, this could be a bit more specified, in that at least the first question seems to some extent answerable to me.
How do I approach this piece?
From your broad experience with other, "easier" Chopin pieces, for instance Polonaise op 26,1 and op 40 no. 1 and 2, some Preludes, some Nocturnes and Mazurkas. You need Chopin experience, preferrably also quite a bit of performance experience before you tackle op 53.
I mean, I think nobody can climb the Nanga Parbat without a lot of experience in other, "lower" regions.