JAE,
I guess my point in saying that was to say that, assuming there is some sort of dowels coming up from the already poured footing into the wall, and you roughen the surface and pour your wall, maybe they will act as one system enough for the concrete below the joint to act as the cover for the dot bars.
As to your concerns:
1. I agree. There would have to be a waterstop on each face, outside of the bars, for this to even be a conversation. Otherwise, water would come in through the joint and the lack of cover wouldn't stop it from reaching the bars.
2. To my point above about the dowels, would the two systems acting as one make this a moot point?
3. See 1 and 2
4. That's an interesting point. I wouldn't really know how to approach that.
Some background on this, I am studying for the PE and the review course I am taking had a problem with this exact situation. Their solution assumed the dot bars were placed directly on the already poured footing, which I knew in practicality wouldn't be the case. They then defended their stance when I reached out to tell them I didn't agree. However, it was a construction question on taking off rebar quantity, but it still had structural implications. I just didn't have code to back me up! Though I'm not sure that would have helped as they literally referenced ACI for which cover to use, but were wrong in what cover they told us to use. Oh well.