BlueSmirf + SD Shield

Hi
good day to you all

i have a project to build a Bluetooth broadcasting station, and i chose to use Arduino since i have some experience in using it.

i am not asking about the whole project (it has other components e.g. FTP Server, another Ardunio with Ethernet) , my question is about one part

Components:
1- Arduino Maga
2-BlueSmirf Silver
3- Micro-SD Shield

Objective:
is to read data from the the SD card in the Shield and send this data"e.g. jpg" via Bluetooth " using BluSmirf" to multiple recipient devices simultaneously

Questions/ concerns:

Question1
a) How fast can the data be read from the SD to be transmitted to the bluetooth module?
b) i assume that the path of the data will be SD--> Arduino--> BlueSmirf .... so the data will have to be buffered into the arduino ?Right? if yes which memory is going to be used? because from what i understand there is a ram of 8K and SRAM of 128K... so the data will have to be divided into chunks ..right/ wrong?

Question2
as you know bluetooth make a pico network of several devices, BlueSmirf in master mode "which i will be using" can do multiple connections... however, how is that accomplished? especially how to structure the data coming from the SD?
note ; i have read that Bluetooth uses something called round robin ...which i think is basically time slices for each user

thank you in advance for your help
i am looking forward to hear your opinions and suggestions