lumpner, only pro event you can play in as a master is the 2nd round of a multiround tourney where you were pro for round 1, and yes you would drop any master tier clubs to continue that tournament. But after that any tourney you enter it would be as a pro.
I turned master few weeks back but still keep my rapture 3 wood for 2 reason 1) the master g10 3 wood is only rated 5 yards further and 2) when I am having an off meter day its nice to have 1 club in my bag that I know I can ding 90% of the time. That plays into my strategy with certain holes where driver is not always best option, i.e. master tourney from white tees driver is not always best, and ever hit the 3 wood off the tee, mild winds you get between 240 to 250 yards easily.