I can answer those, the answer is yes to both. I've used a larger 3-pt aerator behind my old Yanmar. Once you take up whatever play there is in the hitch in a turn, the plugs begin to make rips in the ground instead of holes, because the pluggers are forced sideways some, and the tractor tends to skid the front wheels. This really isn't an issue, as you just lift the aerator when you want to turn around, this is why you have a 3-point hitch and lift. I was able to make very shallow turns without any problems, and if you leave the sway braces fairly loose, it gives you more leeway.
Given the size of this aerator, I might worry about bending the pluggers if you put it in much of a bind in turns, especially if you have much weight on it. Experiment with the setup in loose dirt and varying amounts of weight to see what happens.
Justin, that's a nice arrangement. Are you going to take the wheels off the aerator? How much weight can you put on and still lift the implement with the leverage you have, and do you have the capability to add counterweight to the front of your tractor?