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also любимая, любимый

I like this translation better. It rhymes.

I loved you; and perhaps I love you still,
The flame, perhaps, is not extinguished; yet
It burns so quietly within my soul,
No longer should you feel...

Absolutely, but this means you are not on close familiar terms with the lady. Very formal. This way a nobleman confessed his love to a noblewoman.

Yes, that's important for written Russian.

I'm not sure of it. To me both written variants don't make any difference. It all depends on the intonation.