Boy there are at least 2 posts of mine that go through in detail what I've done. You can look for those if you want all the details.
1. You can use either side to project on, I like the textured side a tad better.
2. Some people mount it straight to the wall, it would still need glued imo opinion so it doesn't sag. 3M Glue in a can, 1 can will do, glue both sides. Some people have tried other methods beyond glue to keep it from sagging. Some odd, check out those threads.
3. I didn't want to do this plus I wanted a nice wood frame. For this I choose the pegboard to glue to to keep the Parkland flat. Again 1 can of 3M on both sides, don't skimp.