I found the explanation in Huggett and Tod's book, "Introduction to Twistor theory", to be very clear and down to earth (it was recommended to me by D. Calderbank, and I thank him for this reference). Using homogeneous coordinates on (projective) twistor space, a la Penrose, and using the integral formula, one can then answer all my questions. For instance, the degree of the bundle is essentially the degree of homogeneity one needs for the expression to be well defined on the twistor lines, and so on. I highly recommend this book as an introduction to the Penrose transform.
Somehow, when I read first about the Penrose transform, it was in the very well written paper by Eastwood, Penrose and Wells. However, it was a little high tech for me at the time, and it hid somehow how someone may have "discovered" the Penrose transform, so to speak, similar to the pioneering work of Bateman and Whittaker, and later on, independently, by Penrose (the integral formula).