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ONLY the host can use it. If any clients (ie the people connecting to the host) use it, they will experience frequent crashes on mission launch. Don't know exactly what is causing it, but something to do with coop propagation being a true nightmare in this game for modders.
Yes. Though you'll probably have to mess with the settings to fit things together.
If you subscribed to his Patreon, you can get an early build where VonHud has it's own LanceMate status. Or just wait until it's officially out.
The screenshot is literally just that, it's pretty much the HUD elements for your mech's information but for your lancemates, sometimes what's shown is enough to get the picture.