No we don’t recommend that at all. See here How to avoid washed-out colours - Limited and Full Range settings
If you output limited range, YCC then there are no colourspace conversions so no interpolation which could increase banding. If you output RGB, the colourspace conversion is done in full-range so there’s at least one full/limited conversion.
No. You will at best get a slide show from that format as it tries to decode in software.