It has from what has been recorded 4 spawn points, and somewhat follows a path of which it spawns in. it goes in a counter-clockwise rotation through them, and if you look at the page
here (post number 44 as of when I linked it) that will show you the positions that it spawns in. I have seen however it to not follow that pattern, only once when I was using Eagle Eye he went from the southern most position, skipped the Mushan one, and ended up in a Yaungol village. Actually in this video he skips the Yaungol village and goes Mushan>Hozen. So it could be a random spawn point.
Yes right now it seems that if you fail to defeat it that it will move along to a new position, respawning at the next spot available.
I was able to get very close to him before I even hit him, but also with Galleon I was able to stand between his feet and under his head still not aggroing him. He had a small reticule (sp?) under him so maybe it's just due to hit aggro box/hit box being tuned.
I have seen him to usually stay in one spot for between 20-30 mins, so it's a fairly often movement rate.
I think I answered everything there
!? And no worries on questions, i'm always happy to answer!