Just tie the handshaking lines (nCTS,nRTS) together if you are not using them.
In the ethernet shields, I bring them out to a point where you can solder a wire jumper between them.
I've put up a web page with the shields and some other related things here...
All the connections are shown on the shields.
I don't have the iWiFi but only the SocketLAN so I cannot answer about the delay. Maybe the other Dave can.
In general I've found that the translation delay between serial and other protocols isn't noticed until you try something intensive like updating firmware over the link where the translation time and handshaking for error checking become a larger factor.
As for the current draw, the various serial-to-WiFi adapters are all over the map. I was considering a shield using a WIZNet module (which I do have) until I saw it used about twice as much current when transmitting than others.
BTW, look into BR type batteries if you haven't already.
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