[quote=@FlappyTheSpybot]
Query:
The sections labeled "GM Only". Are we (the players) to leave that blank?[/quote]
No, you're to fill them in and PM that information to GM's as part of the process for the character being accepted.
[quote=@FlappyTheSpybot]
EDIT:
Also, how does this mesh in the show's timeline/plot? Before or after Vol. 3, an AU?, etc.
[/quote]
It's removed enough to the point where the characters and events of the series RWBY won't have that much of an effect on the RP.