The questions I have are in regard to this slide from my professor's lectures. Does the Hydrogen walk completely around the molecule? If so, does it primarily travel in one direction?
I'm theorizing it does and thus creates a magnetic field which can be manipulated by increasing the temperature. Would it be possible to substitute the hydrogen with some other element, or would it be possible to have it complex with another atom(s)?
Your questions are a little hard to follow. This wikipedia page gives a good explanation of the 1,5-shift,
http://en.wikipedia.org/wiki/Sigmatropic_reactionEssentially the hydrogen does not "walk" around the whole molecule, it moves from one carbon to the adjacent one in one step, seemingly as a 1,2-shift so why do you think it is called a 1,5-shift?
it can move in both directions which is why the double arrows are used in your Prof's scheme.