2) If one were to raise an adventurer all the way to the point where he or she could become a noble, would it be possible (or do game mechanics prevent it from happening) for this character to be raised to noble status if you already have your noble/character limit on an island?
No. There is no way to circumvent the noble limit or character limit, either for your account or on an island.
(I can't answer the other offhand, sorry
)
