These are good questions! I'd like to hammer out some ideas if you don't mind.
"If essence companion is being used, an essence caster can produce a circle even if he doesn't know the spell being imbedded if he has studied another spell caster's circle." SoHK, pg 46.
1. If the circle is produced, does it require spells to activate? Or is the circle innately powered by the symbols used to produce it?
IMHO, the text means you are copying mark for mark, another caster's magical circle at that power, level and ability including any mistakes. Maybe the mod could be the same as learning "x" lvl circle spell. SoHK. Perhaps you can't get better than the original circle roll. SoHK, pg 47 or even a DR harder. In your Sleep example, the caster isn't learning to cast Sleep. He's learning to cast this specific Circle of Sleep. Also, this will go towards the limited number of circles they can cast.
Maybe you don't know all the spells that went into the circle, but it should require the same amount of PP that went into the original. I think copying an unfamiliar circle is incredibly risky.
What if you're completely wrong about the Circle Lore? Casting a circle blind is like clicking on a link asking if you want to scan your computer for viruses. You have no idea what that link is going to do.
About imbedding Other Realm Spells, I'd go with the Attunement rules, SoHK, pg 39. Different Realm -30. Spell unknown -10. Add up all the mods. It's a place to start.
I would definitely make the drawing of circles to be Power Manipulation roll and not Lore Magical.
2. Who casts the spell?
I would allow more than one caster to work on a magic circle. Although it could get complicated, I see it as little different from a team of crafters making magic items; which I allow. Everyone is rolling so the chance for failure is greater but teamwork could allow greater effects. If you want a single caster/circle, so be it.
3. There is nothing stating that the circle needs to be visible (ie: can be under a rug, or behind a tapestry, etc) but the question my player asked me was if there were any modifiers because of it.
EssCo pg 99, states that "all effects extend to the full area regardless of obstacles". It sounds as if nothing will prevent the effects, so I don't see any mods at all.
If you want to have organic/inorganic mods, then so be it.
For Truenames and circles, do you use the mods for Summoning creatures? Circle Lore, SoHK says it helps but doesn't give a mod. EssCo pg 20 gives a +20 for Truename summoning. Seems to fit.