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Wouldn't it make sense if Jimmy Smits reprised his role as Bail Organa in Rogue One? Is this likely to happen?

Who knows...

Well since it is confirmed we know he is in the film, another question arises. Will we see Aldeeraan or will he just go "Alright peace out" and we just see his ship fly off to Aldeeraan? (I have probably butchered the spelling there xD)

Depends on how close this story is to ANH chronologically. Alderaan is not really on my wish list for this film.

Rumours are it ends about 10 minutes before IV. To be honest establishing him going there isnt a big need. We know he dies on the planet, but since the original plan was for Leia to get Obi Wan and bring him with her to Alderaan, Just wondering if Bail possibly mentions this plan to any of the Alliance members.