That's a good question with safety and I think I'd do a full campaign update on the IEC-60601 safety aspect a video of doing impedance cardiography(over the heart) while describing it. IEC60601 are the guidelines for safe use on humans and Spectra adheres to these guidelines. Attached is a short overview of current levels relate to safety.
https://www.youtube.com/watch?v=FqgwBc7cGZ8 There have also been some pretty cool studies comparing the measurement of fat mass using EIT to MRI and getting a 97% correlation also(much higher correlation than ultrasound).
To go back to the safety issue, remember when EEG detects contact impedance, it's actually injecting a very small current - so this is no different to that.
The more electrodes the better resolution you can get, and the algorithms can be tuned for specific applications. Definitely a yes to tissues, blood flow and bone, although the specifics of the answer are related to how you arrange the electrodes on your body, and whether you are doing difference imaging or static imaging. If you run it over more frequencies you can separate materials better(i.e. bone/fat and muscle). Spectra comes with 3 imaging algorithms that run in some default settings in real-time, so you can start easily, but further improvements can be made by tuning them.