Spell Rune Questions

Greetings,

I’ve heard of uses of the spell rune that are interesting, but I’m not sure are legal and I’m trying to sort out what’s permitted both by the system’s letter and the game’s intent. I’m going to include what I believe are the relevant rule sections for my questions and the answers I think are correct based on them. Please point me to any rules that should be factored in as well, including errata.

Reading a spell (A:RPG p.345)
“If a line is not presented in the spell’s description, it does not apply. For example: if there is no attack roll necessary, there is no need for a Defense entry.”

Spell Rune (FiM: II, p. 12-13)
“Wands: Wands may store any spell, with the exception of unique spells.”
“Weapons: Spells placed upon a weapon may only have a range quality of (1 Target)”
“Armor & Shields: Spells place upon an armor or a shield may only have a range of 0′ or self;”

Clarifications/Questions
1. From the above two items it seems clear to me that regardless of the spell’s description, a spell without a separate line entry for “Range:” cannot be placed upon a weapon or armor. They can only be placed upon a wand as it does not have that limitation. Correct?

2. Does the item with the spell rune need to be worn if armor or in hand if wand, weapon or shield to be able to make use of the spell? If yes, if a character rests a hand on top of the handle of a sheathed weapon, or grasps the handle without drawing it, does that count? I expect the answer is yes it must be in hand and ready to be used to tap it’s power, but it’s not very clear.

With a sweep of his hat,

Paul