Okay, first things first: The SAE is done at low temp because that tends to increase the level of enantioselectivity. If there is less energy available to the system you are less likely to get side reactions that have poor selectivity. By lowering the T you force the lowest energy pathway to predominate.
Second, step two is tricky. It's not direct displacement of OH. The first thing that happens is deprotonation of the hydroxyl group followed by a
Payne rearrangement to the terminal epoxide. This epoxide is less sterically hindered and is therefore more susceptible to attack by the thiolate. So basically you migrate the epoxide and then open the epoxide with the nucleophile. Clever, no?
Third, the m-CPBA step does indeed oxidize the sulfur to the sulfoxide. The next step (Ac
2O, NaOAc), however, converts it back to a thioether by means of a
Pummerer rearrangement.Finally, I agree that K
2CO
3 epimerizes the stereocenter alpha to the carbonyl after the mixed acetal is cleaved. In the DIBAL version I think the acetate is reduced of giving an alkoxide that then kicks out the thiolate to make the aldehyde. Since DIBAL isn't really that basic and is very hindered to boot, it doesn't epimerize the same way. It's also possible that all the DIBAL is consumed in reducing the acetate and the resulting alkoxide doesn't collapse until you warm the reaction up (in fact I'm almost certain that is the case because the aldehyde doesn't get reduced).