That is a very good question! I'll look into this and respond back once I find a little bit more out. I believe you are correct in your assumption but I do not want to give incorrect answers
The serial number is on the EFI chip and can be changed. bypassing iCloud lock after removing the EFI password is as simple as clearing PRAM as aforementioned by @therealjayvi.
For anyone wanting to know, you can replace the first 3 and the middle 4, the middle 4 only, or the first 4 only, of the serial number to create a fake serial.
Yes, a salvaged serial will work. The serial I gave you was one of three ways that it can work. And I'm not sure why it matters if apple dean's it as covered. To be honest, the serial number being changed doesn't even matter unless the device is stolen.
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