What can be the contents of an P2TR output script? Is it always OP_1 0x20 <32-bit public key>?
A Taproot output contains a 32 byte witness program (or tweaked internal public key) after OP_1. The OP_1 (01) makes it clear that it is a SegWit v1 output rather than say a SegWit v0 output (00). Any scripts are included in the leaves of the Taproot tree and hashed up to a Merkle root (which tweaks the internal public key) so the witness program can commit to various leaf scripts.
Can multisig script be there, and if yes - in what format?
A multisig script can be in a leaf or multiple leaves of the Taproot tree. Note that a Taproot multisig script uses the opcode OP_CHECKSIGADD rather than OP_CHECKMULTISIG (outlined in BIP 342).
How do I convert that script to an address?
The leaf scripts are hashed within the Taproot (Merkle) tree. The Merkle root then tweaks the internal public key. A breakdown of bech32m (SegWit v1) addresses is here. This tweaked internal public key (or witness program) is directly included within the address.
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