One little tip: I used GIFT for awhile. Moodle XML format gives you a lot more options BUT is harder to figure out. Create one question, format it the way you want it to look with penalties, case, etc. options set, export it (look at the resulting xml file, understand it), then use a mail merge or some database query to plug in the values you want and reimport it. Takes a bit of a learning curve but you can quickly create LOTS of questions that way that don't require any editing in Moodle.