Unless you do not care what happens to your Mac then I would not install Windows Technical Preview in Boot Camp. It's not supported and it beta code. Make sure you're backed up before doing so! 
Or you could just create a normal file based Virtual Machine instead and install it there.
Anyway to answer your questions... 1 It works with the supported versions of Windows, so I'd think yes... 2 No, it creates a meta-data virtual hard disk that's pointing to the physical partition.