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Unless the deformity causes pain or impedes his quality of life, most vets will vote to just leave it alone. You can make an apointment with your vet to be sure, though.
Let me know if you still have questions.
Anything is possible these days. Keep in mind that it would be entirely cosmetic so would be more for your benefit than the cat's. Although reconstruction could approve the appearance, it would probably do little to improve the functionality.
I suggest that you speak with your vet again because he can help you make this decision. He can also make referrals based on your discussion and let you know if your goal is realistic.
I don't think that would be the outcome. At best, XXXXX XXXXX that a vet would want to amputate the useless limb instead of trying to reconstruct. Every situation varies, though, so your vet will be the one to tell you for sure. If this is a birth defect and something that the cat has lived with for a long time, she may never regain or be interested in regaining use of the leg.