Go for it, you won't regret it!
1. Yes, in fact, both sides lift up. They still lift with the seat covers on, but the release handle is hidden under the covers.
1.5. Yup, you can still lift them just fine with the covers on.
2. It came with a cover for the center console, but it was a piss poor fit, if you could even call it a "fit". I just left mine as is, and since it's black it fits right in. Been thinking of swapping for a lariat lid in black though.