@smitop, excellent food for though! You are tackling two very important issues:

1. Security and reliability of fake-steem. Most of your concerns here would be solved with good planing. For example, making a closed launch and going public later. A window of 3 to 7 days before opening the gates seems reasonable to me.
2. Hardcoded stuff. There are some reasons to hardcode things and fake-steem should be hardcoded as well. It means that the source code should be ready to skip certain things if it is running on fake-steem. Again, this is just a matter of start doing it.