Confirmation on Date = Standard Date migration

Our 1st test upgrade from 11.0.3 to 11.5.9 is underway and I'm trying to understand the "Convert flexfield Data and DateTime value sets" step. This step deals with the Date format to Standard Date format in relation to Flexfields and/or Concurrent Pgm Parameters.
First off there appears to be two reasons for this:
1. Standard Date allows for individual personalization re: Display/entry format for date
2. Date format becomes obsolete in version 12 (of Apps)
The report used to list candidate Flexfields, Parameters and Value Sets lists 137 reports and 23 different Value Sets.
The documentation (11.5.9 Upgrade Manual, Category 4, Applications Technology, System Administration, Step 4) suggests that replacement Value Sets would be seeded and that custom Value Sets need to be cloned to utilize the new format. But, I only find one "Standard" Value Set (Standard Date).
Questions:
1. Should there be "seeded standard date value sets" ? Or, do we just clone the 23 identified ?
2. How are people dealing with existing Value Sets with a maximum size of 9 ? Standard Date format will NOT the size to be modified.
3. How confident can I be that Oracle has modified their programs to accept the new format as a passed parameter ?
TIA
Ken

The view only contains header data. I am looking at the component details.
Please help!

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