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At the moment your only "legacy" connection used is the DVI-I to VGA, so yes - you can choose either a passive or active adapter for the remaining screen.
You will be fine to run the three screens as Extended desktops, each at their native resolution. If you activate Eyefinity (so Windows "sees" one big screen and hence games run across all 3), each monitor needs to run the same resolution. This works on a lowest common denominator, so each of your screens will need to run 1600x1050, which obviously is going to stretch the image on your larger screen.
For the past couple of years I've been running 1920x1080 (24") + 1920x1200 (26") + 1920x1080 (24"). When playing games, my centre screen was stretched 10% vertically so everyone was a little thinner and skinnier than they should be. Nobody else ever noticed, but I knew it was there, so I've recently bought another 24" to put in the middle (and moved the 26" to the side for if I play single screen games). Try running your larger screen in a game at 1600x1050 and see if you're going to be happy with it or if it'll bug you.