We're all still not sure which method he's using to walk yet. Something occurs to put him in a state of depression (either the crippling or something else). There was mention of him spending most of his time in his mansion doing drugs during an interview. So that, combined with the decade explains the dirty hippy look.
Magneto has been imprisoned for the assisination of JFK (possibly framed). I believe this is where the magic, curving bullet comes into play. But I'm only guessing there.
And yes Wolvi's consciousness is sent back by Kitty Pryde to the 1970s.
But there's a ton of unanswered questions. Particularly about tying everything together.