While I'll be the first to admit that I don't know the data regarding this search. I don't know his mental status, though from what I hear he was excited about the new ground speed test, and another event in Australia? And, yes, it is questionable as to why the EPerp (or is that the one on a boat?) didn't squawk. That means 1)it was turned off ahead of time 2) it was turned off during flight or 3) it was damaged and didn't work. I don't have access to the maintenance records on the Bellanca, though I'm guessing they were up to date.
Yes, the amount of fuel that aircraft could handle is computable, but not knowing how fast or slowly he was flying or at what altitude for how long we don't know. If he was viewing sand sites, it could have been slow and low.
No, I don't believe Steve Fossett would be one to pull such a stunt. Is there possibility of foul play? Yes, imo. Though I would suppose someone saw him get into the plane alone. Could he have landed and met someone that what, kidnapped him? Who knows? Anything is possible. Has he crashed before? Yes. Did he write about those events? IDK personally, but guess one could find out through google.
If he wanted to escape, he had the money and the wherewithal to just quit and live on an island. IDK why he would turn off the squawk box if he was just going to plow into the mountains or ground.