aalreziza:
Problem #1: The place that I took it too said that they would be able to reuse it, but I doubt it, so I just went ahead and purchased it and had it painted off the vehicle. I would not recommend painting anything on the vehicle unless it is necessary.
See link for pictures (I painted my door moldings, it is perfectly fine, just have to have a good paint shop to do it, make sure they know what they are doing):
http://www.xoutpost.com/x5-e70-forum/...s-painted.html
Problem #2: Like Wagner said you would need plugs, but do not know how long that will last or if it will seal it completely.
Good luck and do not forget to post pictures.