1) It depends on how you have defined this - if you use the Pipe Command to define each segment then it can easily be changed to display Elevations at Invert, Crown, Centerline etc. If you define it using the Create Utility Line Command then depending on whether you have elevations only at the two end points or at intervals / defined locations along the pipe then in the case of end points only you can change to display At Invert (Properties Pane) but for a Multi Node Multi Vertical Points along the line, it currently only works at Centerline and it cannot be converted to Invert.
In BC-HCE all Pipes are entered using one type of data (Invert, Crown, Centerline) but all are stored at Centerline. When you query the Properties it can easily show Centerline (the native storage), in the case of simple segment pipes (node to node) it can display or output at Invert, Center or Crown, but on Complex Multisegmented pipes between two nodes, we can only display and output at Centerline. When you output a DXF of the Pipe it will come out at Centerline but you could reimport that and then offset it by the Pipe Radius to get to Invert and then provide that to the Field Crews. Alternatively you could change the elevations of the Pipe Centerline to those of the inverts and while the Pipe will be wrong in the model the elevations would follow at Invert (I dont like this solution).
2) Yes - if you use the Create Utility Line command as opposed to the Create Pipe command, it will create you one node object at the two end points and then each node of the line will just be a Bend or Grade Break in the Pipe itself. Each Node has to be in the Pipe to give it its position and elevation. Note if you don't add Elevations to the Nodes along the line then the Elevation between the two endpoints will be computed using Linear Interpolation from the two provided elevations.
This command was created to create objects like Water Mains that follow a Curvilinear Path and where the Elevations are often defined at Centerline and not Invert. The command can however be used for any type of Pipe, Cable or Conduit / Culvert / Trench etc. but it works only at Centerline Elevation unless the only elevations provided are at the two end points.
If you have a pipe that is defined at Invert that follows a curvilinear path (multi segment path) and where there are many VPIs along the path then you should adjust the elevations of the pipe provided at Invert to Centerline before creating this type of object.
The product team are aware of the need to define multisegment pipes at Invert and Crown as well as centerline - so I hope that this need can be addressed at some point in the future.
If you need them at Invert, are prepared to model each segment individually and dont want Nodes at each endpoint, I create a Site Improvement called Null Termination as a Headwall Object and use the sphere object as the indicator but make it very small so it is not visible (0.01 size) but Red so it appears as a Dot, and if you dont want those computed in Takeoff make them Existing when you create them so they dont get counted or just ignore the Count of null Terminations in the Takeoff Report - that way you can model each segment of the pipe - they will appear disconnected on screen but you will then be able to define them at Invert. If you want them to look continuous, make the sphere the External Diameter of the Pipe and it will look somewhat like a Joint if you are concerned about the visualization elements here.
Sorry that this is the best answer I can give you at this time.