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SUID bit doesn't work on scripts. I see most of the people set SUID bit on scripts.
SUID has some pros and cons, to know that check bellow link.
I hope it clears all your doubts.

UNIX/Linux...

You need to learn advance file permissions, SUID,SGID and Stickybit.
Check bellow link to understand SUID bit with an example.
I hope it clears all your doubts.

UNIX/Linux Bash Shell Scripting:...

Are you sure you are the owner of the file. Sticky bit effect only on directories, not on files. May be you directory permissions contain sticky bit also.

Using $$variablename is useful in indirect reference
I'm finding it hard to put into words, but consider this example:

Suppose you want to find last command line argument, how can you find it?
...

Its working on my Linux Box. I am using CentOS.

using &>filename will redirect your STDIN adn STDERR to given filename.

Thanks, nice explanation.