The assumption is that the circumference decreased slightly, thus accelerating the rotation much as a figure skater accelerates her spin by pulling her arms inward. The angular momentum must remain constant.
True. But an earth quake could correspondingly increase diameter as well (depending on the nature of the quake), which would have the opposite affect.
She throws out a thigh to power up the spin but I think her arms are mostly a wind resistance problem.
Gravity and our weight are a little less now if Earth is spinning faster. Speaking of weight I wonder what Hillary's flight to the Southern Hemisphere has done to Earth's wobble.