Nipper,

Welcome. I'm sure Steve will be along sometime to answer this but my 2p (or should that be 2c) worth for Q1 is that, yes it could, but its overkill since you don't need the complexity of a fully variable positioning, you need a 'rotate to position x'. The hardware would be similar but it would need different software. If I was doing it i would put some positive position indication, or even tool type indication as feed back (replacing the keypad effectively) so that you can have 'position to parting tool', 'position to facing tool' type commands irrespective of where the tool was in the toolpost.

As to Q2, I know Steve has said he doesn't do these pre-built in the past, but I'm sure there are people in your part of the world who could help you there...