1. As for Power, generally the 8 pin is necessary , 4 pin recommended for Gaming or Overclocking.. I'd be wary of splitter cables ... if not getting a new PSU w/ appropriate cables, id use only the 8 pin and take it easy.
The manual for this board (Page 1-43) says:
www.asus.com
2. The current (Z390) Formula is the XI. The Maximus V Formula has the Z77 chipset. I have the Maximus VI Formula in one of our Builds. CPUs are more efficient these days
3. Another issue with these older boards is the fan headers. The Z87 VI boards were weird in that they were all anticipated to be the 1st series of boards with all PWM connectors.. And when you look at them, you'd think that was true because they all had 4 pins ... and the manuals said they were PWM. As it turned out nobody could quite get the BIOSs or something right as the CHA / OPT headers were all DCV.
On my Z87 Formula build, I used three Fan PCBs which do not present the clutter of splitter cables, are more reliable and can take a PWM or DCV signal and control up too 11 fans on each header.
If you use a DCV header, you will need to limit the number of connected fans such that total amp draw is < 1 amp . With the PWM Header, you can use the auxillary power cable and controll 11 fans.
The board has seven 4-pin connectors
2 CPU Fan Headers
3 Chassis Fan Headers
3 Optional Fan Headers
If you check the Asus forums thoroughly, you shoud find the topic. I e-mailed tech support and didn't get a response but did get one in the forums from an Asus tech confirming the issue. It's an issue that appears several times.
In any case, with seven connectors you should have no issue with places to connect ya fans.
I have this set up on my VI
Channel 0 - CPU and CPU_OPT => Dual 4500 rpm PWM pumps
Channel 1 - CHA_1 ==> Fan PCB 1 ==> (6) DCV 1250 rpm Radiator fans on 420mm Rad
Channel 2 - CHA_2 ==> Fan PCB 12==> (4) DCV 1250 rpm Radiator fans on 280mm Rad
Channel 3 - CHA_3 ==> Fan PCB 3 ==> (6) 1250 rpm Case fans
All fans are controlled w Asus Fan Expert ... they top out at about 825 rom when under stres stesting and peak at 550-650 when gaming