1. yes
2. Whether you can implement an interrupt to signal that new data has arrived depends on the capabilities of the device hardware. Most USB controllers include this capability, however, for better efficiency. Check your device's data sheet.
3. Yes, if you use the control endpoint, you don't need the interrupt endpoint. The HID spec requires an interrupt IN endpoint on all devices, but you can comply by enabling the endpoint, giving it a low latency, and always returning NAK. I don't know if any hosts enforce the requirement, but it's always safe to comply.
4. Control endpoints are ideal for sporadic data that doesn't have strict timing needs. However, if you're going to implement the IN endpoint anyway, you might find it just as easy to use it.
5. A HID interface can have at most one IN endpoint and (optional) one OUT endpoint.
To support two functions, a device/chip can have two HID interfaces. In this case, each interface has its own endpoints, and the Setup stage of control transfers specifies the target interface.
Or a single HID interface can have a top-level collection for each function. In this case, the functions share HID endpoints and use report IDs to identify the target function.