Anyone know what Lantern Corps he belongs to? My guess is either White or Blue.

The Trap Laterns.

Driving Ms. Velma.
How did she get the 'traps' ability and not him?

I'm assuming there will be rare versions of all the gang.

With the rules changes, giving fred TK makes a lot of sense, since it could represent him setting up and triggering traps and sending large objects hurtling at his enemies