Yes, Limited Partners can serve as Venture Partners.

Yes, however there are several issues with having Limited partners be Venture Partners. First, Limited Partners will loose various protections because the Venture Partners make decisions for the fund. Second, this creates a challenge for the GP in situations where the VP doesn't deliver on expectations because it's difficult to fire a Venture Partner because they are also a Limited Partner.

Review the Venture Share agreement for details on VP compensation: https://govclab.com/venture-share/