Yes, don't do it! It's a trap, you'll be eaten alive :p
Nah, just increase one of the other sides as much as you can (VIP seats). It takes like 15 days to construct and you don't get any money for it while it's under construction so don't do anything to the side that already has 1,000 seats.
And yes, I can attempt to teach you the rules. Please be in class by 9am tomorrow morning.