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The model of Karoubi of K theory involving gradings (as in the definition of K homology cycles) makes non necessary the introduction of formal inverses. See his introductory book on the subject.
By bounded you mean for the $L^2$ norm given by the trace ? By 2) do you mean linear independance over $\mathbb C$ ? If so, your question boils down to one for Hilbert spaces, and the answer just depends on the cardinal of $G$
And waht is the Opial property for $A$ Hilbert modules ? Do we consider the topology associated to the $A$ linear continuous maps $\phi : M \to A$ for the weak topology?
In the $II_1$ factor case it reduces to the image of the trace : $\tau(K_0(C_r^*(\Gamma)) \subset \mathbb R$. It is known that in some case the image is $\mathbb Z$. Take for exemple $\Gamma = F_n$ the free group. In full generallity, for any ICC amenable group i don't know.
There is an other proof of Bott periodicity using Banach alegbras that you can find in the book of Blackadar. You use an exact sequence of C* algebras to obain directly the Bott peridicity