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Will the D40 operate the aperture?
It'll stop-down the diaphragm to the selected f/-stop.
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Can you see the apature setting through the viewfinder (little window or digital display)?
No, it is marked on the lens' aperture ring.
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Does the ASA setting have any affect?
(It's ISO nowadays) Of course, it is the sensor-gain.
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How about with flash, will TTL flash metering work?
No, manual output only.
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Can decent results be obtained by guessing the exposure, moving to playback mode, checking the luminance histogram?
Yes, indeed.
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