1. Yes, if you don't need a common ground on the load.
2. No, it's a fixed regulator. Well, there's always a way around that, but it's easier with the ADJ version which has V(FB) = V(GND) + 2.5V or whatever it is. In this configuration, V(FB) to VOUT (with respect to ground) is a voltage follower. Typically, you'll have a voltage divider to set the output voltage (the fixed voltage versions have this divider internally), and you can add a third resistor to the FB node to tweak the output from a control voltage.
3. That's right. Voltage is relative. The downside is, the regulator needs to switch the sum of voltages, and you don't get a common ground. You might find it's better to use a Zeta topology, or a boost regulator in SEPIC configuration, or either kind with an isolated (forward/flyback) topology (even if you aren't using the isolation).
Tim