As for #2 - it's probably possible, but it will be a long, long road. Once you get non-kos to Legion Of Cabilis, you can give bone chips to an NPC in SoNH (I think). This will get you to where you can bank and sell, but you still have to watch out for members of the SK/Necro guild. You get to dubious with Legion of Cabilis by killing various outlaw iksar and frogloks on that continent (I think most people eventually become ally with Legion of Cabilis by spending hours and hours in Sebilis).
I was able to get my CT-worshipping Troll Shaman into Cabilis and do the Cudgel quests (edit1: this was years ago on live). I think that's as advantageous as you can get with respect to starting faction with iksar - and it still took a LOT of bone chips. Good thing Kurn's is overflowing with them.
edit2: Here you go -
http://wiki.project1999.org/Bone_Chips_(Quest)
Looks like it's only the necros who will still hate you after 6 billion bone chips... It's possible that there's a limit to how much a certain race/diety can raise their faction with a given sect, anyone know for sure? Does "Your standing with soanso cannot possibly get any better"
always mean that you're ally?