Q1: MDreger was informing you where the log files are stored on the 740's removable SD card. You could plug that into an SD card reader on a desktop or laptop PC or Mac, for instance, and pull all the flight log files off and upload them to your favorite flight path viewer app or website. But if you mean from within iFly, you can see the current flight trail by going to Menu > Setup > Map Settings, and then check the box for "Show Flight Trails", or you can view past flight trails by going to History > Show Past Flight Trail..., and then selecting the flight you want to view.
I don't think viewing within iFly shows you the altitudes you were at during the flight, just the ground track. Getting the logs from the SD card and moving them to another app that specializes in viewing flights is better for that.
Re: Elapsed flight timer, yes. It's part of the standard instrument groupings, in the upper-right corner of the screen, labeled "Flt Duration". You can customize the built-in instrument layouts (or create new ones from scratch) to move it elsewhere if you prefer.
Re: Q2, I don't know. I'll see if I can dig out my old 720 and see if it's similar enough to compare, but hopefully another 740 user who lives out west can pipe up.