Is the expression "shoot low aim high" used commonly?

I only know of "way" as in "my way", but what's it mean in here?

Good question! "Way too" is actually a very casual way of saying "much too" or "all too." "Way" is used for emphasis and means something like "very" or "extremely." It's often used with "too" or "less" in this way, but you can also use it with adjectives as well. Ex: It's way too hot outside today. Let's stay inside and enjoy the air conditioning. Ex: Look at that dog! It's way too cute.

Can I say "released" instead of "issued"? If not, what would be the main difference between these words?

No, you couldn't, but I can see why you'd think that! The main difference is that when you "issue" something, you are distributing or supplying something, which creates a "flow" or "output" of the product. Whereas, when something is "released", it is presented as new and complete to the public! With the example of a technological device, the product can be "released" on a specific day and made public. From that day, the product is "issued" to stores or people. Ex: They finally released the new company phone! I can't wait to buy it. They've already issued 20,000 of them. Ex: They're issuing the product to stores throughout the country.

What's the "cast iron-pans"?

"Cast-iron" is a type of iron that also contains carbon. It is good for containing heat and once it heats up, it stays hot for a long time. This is important in cooking certain things like meat and so "cast-iron" pots are used a lot by chefs.

Shouldn't it be "bay area" with lowercases? Is the "Bay Area" different from "bay area"?

"Bay Area" is correct here capitalized because "Bay Area" is the official name of the region containing San Fransisco and the area surrounding San Fransisco. "Bay area" not capitalized simply refers to any area around any bay.

Do native speakers use this expression a lot?

This expression is sometimes used, but it is not very common. The reason it is not common is because there are not many situations where an expression like this needs to be used. This expression can only be used when the speaker thinks the person they are talking to is not being honest, and the speaker wants to confront them about it.