FSLTL - FS Live Traffic Liveries is live!

  1. Yes, it is possible.
  2. No, it does not have negative effects, except maybe disk space.
  3. No, only one aircraft per user is displayed.

You can add both model matching files to vPilot, as you said.
Note, that the upper file in vPilot gets priority over the lower one.
If you want to have a single model matching file, so that all models get the same priority, I would recommend to use a model matching tool that generates such a file for you.
JUKIModelMatcher and ModelMatchingMagic are such tools, but I am heavily biased towards the first one.

My personal procedure is:

I would like to use FSLTL primarily, and when no perfect match is found, I would like to fallback to AIG.
If no perfect match is found there either, I would like to see a similar aircraft from either FSLTL or AIG.
To achieve this behavior using JUKIModelMatcher:

  1. Generate a vmr file for FSLTL only with the perfect match option activated. Rename the generated vmr file, so that it won’t be overwritten on regeneration.
  2. Generate another vmr file for FSLTL and AIG with the perfect match option deactivated.
  3. Add the FSLTL vmr to vPilot and add the second FSLTL and AIG vmr below the first one.