Dear Kartik
The very fact that you understand the business and HR functionality is more than enough to go for it.Now coming to your questions:
1. Doesn't really matter if you are an undergrad or a post grad. I am myself an MBA HR but don't find any significant necessity for it in my day to day work concerning SAP HCM.
2. This partially answers your second question! You only need to understand the characteristics of this application and try to relate the same with practical / live examples. I mean at the initial stage, rather than memorizing the customizing the paths you should try to find the logic behind the business objects created.
3. A Day in SAP HR field really makes little sense..!!! :-)... You can only enrich yourself by hands on experience..coz it is huge and detailed.
4.It depends on a individual's choice to go for it. Although sometimes choices are bestowed, you need to love it in order to shine.
5. Someone who likes to have a flavour of IT in handling business functionality should be the right person. By business functionality, i mean HR functions concerning a business.
6. As i have already stated, for a fresher, it is a must to understand the logic first and then go for advanced topics. Lots of books are available related to different sub modules, so it entirely depends on the requirement that one has. Anyways, theory & practice should go on simultaneously.
With Regards
JP