Tracking

the police can if they have the IMEI number get a warrant from a judge and force the carriers to triangular track the phone using the IMEI and their antenna system, they sometimes used it for missing persons tracking. I would not expect them to do that because your phone was lost or stolen though.

Yes, they can with a court order. Unless someone's life is in imminent danger, however, that's unlikely to happen.

Expensive isn't the issue. The law is the issue. If someone is not in imminent danger of death or serious harm, and/or the device is not in the possession of a wanted violent felon, terrorist, etc., a court is NOT going to issue an order to track the device.

Hello,

No, the options are included here:

If your iPhone, iPad, or iPod touch is lost or stolen

If you have found an iPhone, turn it into the local lost-and-found.

Good luck.