According to the scripts:
Kuma: What I have just expelled from his body
is his "pain" and "fatigue."
It is all of the damage he accumulated during his fight with Moria and his people.
If you wish to take his place, that means you must accept his suffering.
You are close enough to death already that you cannot survive this added damage.
You will die.
Kuma said he'll die. He didn't say when. Which means that the damage may not have killed him immediately, but will have long term effects on Zoro.
As for the the "Let me choose my location", it's actually:
Just let me… change locations...
He meant he wanted to move away from everyone so they didn't have to see him like that.
So, the short answer is we don't know the second half of the exchange, why Kuma left without killing Zoro and why he agreed to that sort of deal, but we can assume that Zoro WILL die sometime in the near future because of his injuries.
Thanks for the clarification, by the way, is that Stephen's script, because I trust his translations the most, the one I read actually said "Just let me choose the location" but that was from onemanga and I didn't see who the translator was.
I took it metaphorically as well, because it says that not only will he suffer Luffy's pain and suffering, but his fatigue. He sucked the life out of Zoro and injured him to an unbelievable extreme, I find the fact that Zoro stays silent on what really happened even to Sanji and Brooke, who at least have an idea. When Brooke saves Zoro in one of the following chapters, it's not just that Zoro is injured that is slowing him down, he's literally just slower than he used to be because of what Kuma did to him, at least that's how I understood it.
Trafalgar did not see death for Zoro on that day, he didn't mean that he never saw Zoro dying.
Anyway, like I said I don't think he will die but I do think that it will be a plot point later on, just as Mihawk's wound was, and I would say that Kuma injured Zoro at the very least as much as that black sword did. I think it will be a plot point if Zoro has to go up against the fighting crewman of Captain Kid's crew, MassacreMan.
By the way who was that axe guy at the very beginning of this archipeleggo arc, the dude in all black with the big axe and the twisted face who talked about the cowardly imprisoned pirate who was begging not to be killed and whatnot? Is that still up in the air, I don't remember seeing anyone like that before.