In answer to your second question - this is what the Create Sideslope command does exactly - you pick a Linestring as your baseline and then define offset lines to that using parametric controls for Offset, Slope, Elevation, Delta Elevation etc, so if the baseline changes the offset lines change also - this is like a corridor but working off any linestring or alignment element.
In answer to your first question - I assume that you are talking about the Linestring Editor - Vertical control tab. If you use the Horizontal control and switch from coordinate input to Station and Offset input, then each point can be defied as a Station (along a reference line) an offset and an Elevation or Slope (so if you want a 0.5' offset and a 0.5' elevation delta use slope and 100% or 1:1 for the slope to get your 0.5' offset vertically to the reference line - this is also parametric so if the source line moves or has elevations added the line you created will update automatically.
If applying a Vertical Control, change the vertical Control mode to Offset Slope also and this will do the same thing for a VPI only. Appreciate that this is not a Delta elevation and that you have to convert the delta elevation into a slope value but it does work today, and if you want Delta Elevation then you can do that with Sideslope command.
While I am on this subject - some people ask me for a Variable Offset Line type capability in the Linestring Editor - that is possible today when you use the Station and Offset Method of entry for the Horizontal Control
I hope that this helps - I have requested the Delta Elevation option for this also, but use Slope or Create Sideslope for now as an alternative
Alan