Sean,
I think the short answers to your two questions are "yes" and "yes"...
As a matter of practice, feature control frames are stacked with the one having a larger tolerance, and more constrained tolerance zone, on top, then as you go down in the stack, the tolerance values become tighter and the tolerance zones are less constrained, based upon the type of tolerance and/or the datum features referenced.
This means a location tolerance that references datum features that constrain all 6 degrees of freedom would be listed first, then maybe a location tolerance with fewer datum features referenced, then an orientation control, then a form control.
Having said this, I don't mean to imply that such a stack of feature controls frames is a common need though... Most common is that a size tolerance provides sufficient form control, and a location tolerance provides sufficient orientation control, or if using profile, all of the needed location, orientation, form, and possibly size, control may come from a single feature control frame (as I expect you already know - I add this just for the sake of attempting to answer this completely).
Even though stacking feature control frames with tighter values as you go downward in the stack, is normal practice, and to avoid meaningless controls as you go downward in the stack there are some dependencies to consider regarding datum features referenced (for instance, identical datum reference frames would not be specified for two stacked position tolerances), the requirement imposed by each is separate and independent from all others... Technically you wouldn't really have to stack the feature control frames following a normal convention, except section 3.4.5 and figure 3-26 of ASME Y14.5-2009 (or the same section and figure 3-22 in Y14.5M-1994) imply this convention as a "shall" type of requirement.
Dean