Quite possibly. Just always keep in mind, faster does not necessarily mean instant.
Not this.
There are probably a couple of ways, and it all depends on you. But basically it would require mounting of the drive you’re copying to, copying the whole directory and then either creating a symbolic link to the new location, or creating a bind mount for it. So, yes, it is indeed possible. See:
Once you have set up your SSD, you can create a new storage location, set it as default, and move the whole library to it, from the Steam client’s Storage Manager: