A few print journals that are formal friendly: The Lyric, Pivot (recently switched to CD format), Hudson Review, Light Quarterly, Italian Americana, Edge City Review, First Things. Dunno about I&T: I submitted last August, queried in January, and never heard from them. As far as I'm concerned, they're dead. See Poet's Market where a number of journals specify how long to wait between submissions (e.g. Poetry, once a year) and you'll find answers to some of your other questions. Also check the classifieds in Poets & Writers, online.
Good Luck,
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Ralph
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