The game in and about Pakistan is a far bigger than a couple of hundred nukes, the most important, Pakistan gives the US an advantage that no one else in the region is
willing to give, the key word being willing, and in a region that houses countries like India, China, and Russia who have collectively shown that they are less likely to agree on its' foreign policy, the importance of a friendly Pakistan with whom the alliance remains strong and intact only remains in the US' interest, and don't forget the energy abundant CARs in the vicinity and the easy access point that Pakistan provides them with.
Not that I am under playing the importance of the Pakistani nukes to the US but then that is just one of the many issues which increase the importance of Pakistan to the US.
On your questions specific:
Is it in USA and her allies interest to let Pakistan build more stockpile or take them down with in next year or so. If they accumulate close to 200 of the weapons, what will USA do than?
Nothing spectacularly new, but continue doing what they have been doing, which is keep working with the PA so that they don't go rouge, which means the PA, and as has continued to happen for the past many decades, will keep having its' way more likely than not in this relationship. The number of nukes by and large remains inconsequential.
Are these weapons holding them(USA and her allies) back from wresting the control of weapons?
Is the US really interested in wresting these nukes, if so, why did they look the other way when Pakistan was busy smuggling all the things required to make these nukes during the Zia era? Soviet Union is thrown up as the excuse, but seriously the Americans want to us to believe such a silly excuse?
These nukes are not meant to be taken back, but the US' concern is that these get kept safely and far from falling in the hands of the forces that posse a threat to the US, rest, what you read is by and large paranoia and sensationalism.
The other point, you attack Pakistan for those nukes, the fear that these nukes go up for smuggling, and land up with terror outfits, losing an ally which is ready to sell itself to the US' interest at the best price possible, an ally which is ready to lease its' army and other national institutions so as to meet the interests of the US, is something the US will not be interested to let go off because of paranoia and sensationalism.
What price in terms of peace and stability of the world of future we will have to pay if decisive action is not taken now?
The world won't have to pay any bigger a price than they have. It is India, and Afghanistan which are likely to pay the price and Kandahar plane hijack, Kargil war, Mumbai terror attacks coupled with innumerable terror attacks in the more recent past have shown how horrific the price continues to be, and least one mentions what all Afghanistan continues to go through.
Has Pakistan been moving the nukes to tunnels in occupied Kashmir or in other words under the direct control of China?
Pakistan will never ever put their nukes in the direct control of any one, than have it directly under their control. The talk of their friendship with the PRC "deeper than the oceans, and higher than the mountains" is good to keep the average folk in Pakistan in all good humor, but then the reality is quite different and the Pakistani ruling elite, and most importantly their army, understand the reality real well to trust anyone with their nukes.
Always remember one thing about the Pakistani nukes, this country is absolutely and deeply paranoid about their nukes, and there hasn't been any bigger possession for them, ever!
Does any agreement exist between China and West (USA and he Allies) Russia and India under which China has assured Pakistan that it is in their interest to hand over the major portion of the nuclear arsenal for safe keeping which will result in completion of an operation which I have code named "PEDENUPA"(Peaceful denuclearization of Pakistan).
I have my serious doubt, though China would definitely want a stable, prosperous Pakistan which is less on rants and terror than it is today. Are the Chinese and the Russians as high on paranoia in Pakistan nukes up for grabs as the Americans, I seriously doubt that, as a matter of fact, and if you read the Indian think tanks who matter in strategy formulation, there remains no such paranoia in India either though rhetorically we are likely to play by the tune as that favours us in further creating the hysteria.
The bottom line, if one followed the debate closely, there isn't any dichotomy in the way the Americans and in this particular case the two candidates view Pakistan and none of them are underestimating the value that this country brings to the US, which means, no matter what, the US is going to work for stronger US-Pak relations, and that isn't music to our ears.