Will this cover my existing fog light cutouts, or do I need to cut them myself?

This is a solid panel without pre-cut fog holes. You'll need to measure your factory openings and cut them to match during fitment.

Does the bumper have sensor mounting points for parking sensors?

The raw panel does not include sensor holes. If your vehicle has factory sensors, plan to transfer mounting brackets or drill new holes as needed.

Is this compatible with the lower valance on the stock bumper?

This cover replaces the main bumper panel only. Lower valance compatibility depends on your original valance condition and fitment; measure before painting to confirm alignment.