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Regarding your first question, you would have to write a program, perhaps in SQL, COBOL, or RPG, to do what you want. "Batch" on iSeries means running by itself without a screen; editors run interactively, from a screen. You can 'edit' your data interactively, or you can 'edit' a workfile that can then be applied to your database in a batch job.
Regarding your second question, yes there are compression tools, click here -- however, you should look at the costs of compression in terms of time & resources against cost of disk space. If you have enough space not to need compression, it's obviously better to not compress.
And last but not least, your third question. I believe that if your files are converted to DB/400 format they will be converted to EBCDIC. If you leave them in their native (ASCII) format they will have to be located in the IFS and could not be worked with directly in COBOL programs running under OS/400. You need advice from whoever is doing the conversion for you.
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