Absolutely. The port is a resonator which is effectively "using" the same internal air volume as the driver.
Will a 1'' slot port be feasible with this monster of a driver (over 2'' peak to peak excursion) or will there be way too much turbulence from the relatively small but wide port opening?
To get peak air velocity down to 22m/s a 1" tall slot port would need to be 125" wide and 52" long. You would need to cross over at 60hz in order to keep vent resonance down enough in level so as not to audibly excite it.
I would recommend a 5" x 30" x 36" port instead, if possible... tuning will rise to about 35hz but that's negligible for PA. A 2nd order butteroworth filter center at 23hz is necessary.
Should I use sound dampening material on the inside?
Line the walls with abour 6" of OC703 in order to keep internal standing waves under control.
I'm using 3/4'' A1 plywood with a double thick front baffle. the size of the box shouldn't call for more internal bracing but I've heard the better braced your cabinet, the more energy is converted to sound. Is more bracing necessary?
Bracing is very important, otherwise the panels will resonate at their given frequencies and color the sound. Kind of a waste for a $1200 driver.. sure you don't want to use a less expensive driver by eminence, acoustic elegance, beyma etc?
You will need to cross-brace, and I would not leave any 8" section of wood unbraced... for example if you've got 10" of wood then it needs bracing.