It would be faked, since it's not genuine belief. What he is essentially saying is, "You might as well believe".
It's due to fear, but it's still not genuine belief. You are pretending to believe due to the fear of potentially going to hell. You cannot truly believe in something unless you genuinely do believe in it. Even if I wanted to believe in God, I couldn't force myself to do it.
You're right, and Pascal knew about it too, and actually most of his writings on his "wager" address this point. Is it possible to force oneself to belief? That's the first of many flaws of his theory, which I don't find that praiseworthy to begin with, since I believe any slightly intelligent adult could come to that conclusion pretty easily.
Extraterrestrial life, of course. Given the size of the universe, there's a very good chance there is life elsewhere. They aren't comparable.
Of course they aren't, neither is Santa Claus-God. I'm sure you're sick and tired of listening to the "reasons" for God existence and I don't feel like going through them either, but I do think they are a lot, as in a lot stronger than the ones supporting Santa Claus's existence, just as is the case with aliens.