Hi sorry for the delayed response I only really check this very occasionally.
The first thing to note is that, as I'm sure you are aware, Scotland has a different legal system. If you complete the accelerated LLB over here you will still need to complete the GDL if you wish to practice in England. You should look into the options in more detail as there are a number of other routes I can't go into here.
In regards to your second point, this is the hope. I should qualify by saying I graduated in 2014. This was a very difficult year for the Scottish legal market and as such many students were not able to find traineeships. I myself have since moved and am now qualifying in Sydney. In general employers are aware that accelerated students tend to be more mature, serious about a career in law, and I'm sure they take these into consideration when looking at candidates. During my studies, we were told by careers advisors that if we were to move to other industries like banking we would be able to say that the accelerated course was more of a pass/fail type of course, and that was the reasoning for the merit/distinction system as opposed to just calling it a first or a 2/1.
In terms of beginning looking for traineeships, I can give you a few general pointers:
Target a specific size and type of firm. The scattergun approach does not work! I remember in the first semester of our course one of the smartest students printed of about 30 copies of her cover letter and cv, laminated them and handed them round to all the employees at the law fair. Total waste of time. You need to tailor each application specifically to the firm. Think of it almost as an essay and your source material is the website and any news you can find on the firm. Once you know what type and size of firm you want to work in, you know how to present yourself. If you want to be with the big commercial firms, well they pick people up two years in advance, so you have to hit the ground running and start building relationships.
Before you apply for any position, know as much as you can about the firm. Have they just opened a new branch? Have they been downsizing? Have they merged? Why are you a solution to their problems?
The chambers student guide is an excellent resource for info on firms!!
If you are simply looking for the traineeships, an excellent resource is on the target jobs website, I'm sorry I can't link as I'm on my phone, but they have a law section that has all the due dates for traineeships and vac schemes.
And finally try your hardest to get any experience! Especially the vacation schemes! I was in the unlucky position of trying to get a traineeship when there were not many opportunities at all, so I grew accustomed to seeing people who had done four, even five of these internships, and still not found a traineeship! There is no doubt though that these are invaluable. I did a two week vac scheme at an Edinburgh firm back in July of last year. The other day they messaged me to see if I was still looking for a traineeship! I had to explain that I had moved halfway across the world to find one but the point stands! Build your personal relationships while there because they will remember you and they will keep you in mind.
I hope these answer some of your questions. I know it can be hard to find people who have already been through the process, I had never met any lawyers before doing the course if you can believe. Anyway, phone is almost dead, so good luck!