1) No. Luxury tax is (essentially) calculated by a team’s total salary on the last day of the regular season. No cap holds for draft picks playing for other teams count on that day, so they aren’t included in luxury tax calculations. That was easy.

2) Tougher question. Fortunately, there was a discussion of this very issue on the RealGM board for CBA/Business issues.

http://www.realgm.com/boards/viewtopic.php?f=4&t=899932

The answer is that once 3 seasons have passed since the player was drafted, a team can use cap room, the MLE or a disabled player exception to sign the draft pick to a larger contract than his rookie scale amount. As the thread at RealGM mentions, many believe that the Spurs will use this to sign Splitter next summer.