1. No, I don't believe so. You'd have to use the special chakra blades. Though you could probably make a CW that uses the same material as chakra blades for the sword's blade
2. Nah, the Chidori doesn't need to be formed separately. It forms with this jutsu. Jutsu that require you to form the other technique separately will say so explicitly.
( Chakura Bōsekiken ) - Chakra Spinning Blade
Type: Offensive
Rank: B
Range: Short - Mid
Chakra cost: 20
Damage points: 40
Description: The user will channel chakra into their sword, making it glow blue, and then jump into the air. They spin at a rapid rate, creating a spinning circle and cutting through the enemy target.
( Rensei Shinkuken ) – Drilling Crimson Blade
Type: Offensive
Rank: B
Range: Short
Chakra cost: 20
Damage points: 40
Description: The user takes out their blade and channels chakra into it. They then run towards the opponent, slashing them upwards into the air and then appear above him/her, and deliver a sharp, drilling slash down upon them, impelling them into the ground.
( Suraisu Shinku no Nami ) - Slicing Crimson Wave
Type: Offensive
Rank: B
Range: Short - Mid
Chakra cost: 20
Damage points: 40
Description: The user does a simple cresent-shaped slash at the opponent, expelling a red chakra wave.
All pretty simple. Only thing to note is that in the second technique, you're moving at high speed, but will always be bound to your moving speed. It's not teleporting or anything like that. Any questions?