1. Choosing one type of validation over the other should depend on valve design service history and criticality/severity of the application. If you are using a proven valve design in normal service (not extreme temperatures, pressures, or fluids), then you don't need to specify a high level of validation testing - actual usage of the valve has demonstrated that it is fine. However, if you have a novel valve design and/or you are using the valve in extreme conditions where the valve has not been used before, you may want to specify a more stringent validation level (depending on the consequences of failure if the valve doesn't function).
2. There is no requirement in API 6A for the valve supplier to perform FEA on any valve designs. The supplier is required to design the valve body and bonnet per API 6A 5.1.3, which includes an option to perform design calculations per API 6X, and also allows the manufacturer to use "other methods" (such as FEA) to justify the design. The design requirements are not dependent on the validation requirements.
3. The manufacturer has to validate the design (normally by testing including several operating cycles) for a new design. If you order a valve that has already been validated to your desired validation requirements, then the manufacturer does not have to do the validation testing again (unless there have been substantive changes to the design after validation).
4. The meaning of the current "design stress levels" requirement (F.1.14.2b) is simply that the stress criteria is the same, i.e. general primary membrane stress at operating condition does not exceed 2/3 of yield strength. In general, this should imply that validation of a equipment manufactured from low strength material also validates equipment with the same geometry and pressure rating that is manufactured of higher strength material.