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I would import PO records including SKUs if available and then from the "Unprocessed purchases" view, use the processing wizard to create license records. If you have a recognised SKU, the SKU library and PURL will do all the 'heavy lifting' for you and configure the license use rights accordingly. I do however recommend that you review the configuration after processing to ensure that these settings align with what you expect or update special terms have been negotiated bespoke to your organisation.
re. the license keys - you can enter these on the license record, but take due care as you won't want everyone with FNMS access to be able to see this information. You can possibly lock this down using role permissions. There is no bulk upload capacity OOTB, but you can probably do this via a business adaptor.
Yes, the ideal scenario is to begin with a PO that has a sku and all the required PO details that can be used by FNMS to create the most accurate license construct.
There is also the ability to import license keys in bulk to a license rather than needing to enter them 1 by one.
**note: Because of the variety of ways that publishers record and track license keys, they are not collected as part of software inventory.
Both topics are covered in the Flexera training, the learning Center and the online help.