Will this work with my existing hoses and clamps?

Yes. Tank uses the same connection points as the factory plastic reservoir, so your current hose routing and clamps bolt right up without modification.

Do I need to drain the cooling system to install this?

Draining is recommended to avoid coolant spillage and make the swap cleaner, but the tank itself disconnects at two mounting points and two hose connections — standard procedure.

Can aluminum corrode inside if coolant isn't changed regularly?

Aluminum holds up well in modern coolant environments. Stick to your vehicle's service schedule for coolant flushes and you won't see internal corrosion. This tank outlasts plastic by design.