Do you believe Banbutsu sozo(the jutsu Rikudoo sennin used to create things from nothing) is a combination of Izanagi and Izanami.
So Banbutsu sozo = Izanami + Izanagi?
Yes, because Izanami's parent/related Jutsu is creation of all things. Itachi said Izanagi and Izanami make a pair, so, that pair could well be creation of all things
It depends... so far we have only seen Izanagi capable of faking one's death and Izanami catching his opponent in a loop, and if this is everything they can do then i doubt it...
But judging by what they are described as: being able to turn reality into an illusion and an illusion into reality then yes, it makes sense.