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Nope. You should only breed the best of the breed and this is not it. Unfortunately, heart problem are usually inherited so this would not make a good bitch to breed.
Aside from the moral responsibility that you have to produce quality pups, you also have a responsibility to the bitch to keep her healthy and safe. If she has a grade 2 murmur, she should not be bred because it could be very unsafe for her.
She should be spayed and kept as a pet or put up for adoption.
Let me know if you have more questions about this.
That will have to be determined by the AKC. It would be useless to register her unless you plan to breed or show her.
If she grows out of it, great. There are some conditions that can cause a temporary murmur like anemia.
I suggest that you wait and see if it resolves and then decide to spay or not to spay.
Let me know if you still have questions.