Thanks to all for the comments.
Dear Asit, a friend of mine from US had said many audiophiles have tried yellow carpenters glue to eliminate surface noise with great success.
Incidentally, last year i used a badly scratched EP disc as ornamental fan behind the Ganesha idol during festival. I had pasted decorative papers on it with a coat of Fevicol. After some days fevicol started peeling. Upon close inspection i noticed the dried Fevicol had replicated the grooves of vinyl record with lot of dirt from EP, looked like a disc copy.
So this led me to experiment
Last Saturday i experimented with a EP coated with thick layer of Fevicol, left overnight. In fact I was worried a bit as i had no idea to remove the dried glue. It was just a trial & error method, but i started peeling from one end, took some time to remove the whole dried glue. I experimented again with my precious Dire Straits LP, coated only one side. this time, glue came off the disc without much problem. [ could be because of thick glue] After cleaning & air dried, i played the other side of the disc cleaned with soap and water, sounded miserable with lot of static noise, but the side treated with Fevicol is enjoyable to listen to with little pops & crackle
I do not know the answer to your third question, may be there are options.
I also noticed that leaving Fevicol too long become less pliable and more difficult to remove in one piece & i have no idea of using this technique on old 78 RPM shellac records.
Regards,
Anil