Question 1. With only 4 seconds to go on the clock he would not even have to inbounds the ball(since he has 5 seconds to get it in....So to answer your situation.....I do not see anything in the rules that would disallow a player from throwing the ball straight up in to the air at anytime in the game.
Question 2. From what i read in the second question he is allowed to start his dribble with both hands....So yes this is a legal move....as i see it.
AK ref SE
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