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Today I had a visit to Google office for discussing AMP (they had invited me via AdSense account). A Google channel partner is offering AMP implementation for 1000$ with limited support and 2000$ for full support. But I'm not sure whether this is useful for Q2A -- AMP pages are definitely ranked higher on mobile search.

Another query is how bad is having bad content on site- will it have significant negative effect on search performance or simply zero effect?
Q2A version: 1.8

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Yes AMP is important for search engines and its really impacts on google search but its not totally depend on AMP you should also improve your site uploading time images content CONTENT is king in now days so keep unique and informative content on your website
That's a very trivial answer :)