Yes, if you add the supplied adhesive pads to the inside of the TelePad cradle. The foam pads create a snug fit for the thinner Touch. In this situation, you have to be more careful as the fit is not as tight.
No. It is designed to fit the 2G, 3G and 3GS iPhones and the 2G and 3G iPod Touch.
Yes. The cradle is designed in such a way to allow the built-in microphone and I/O port to be used.
Yes. But for optimum viewing we recommend it be used with a boom stand.
Yes, however the viewing angles may not prove to be functional. You may find it easier to purchase a mic stand clamp adaptor to mount your second iPhone.