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1, Can i sync them both with the same itunes on the same computer
2, Say i bought an APP from the iTunes store on my computer, could i install it on both the touch and the phone ?
You can, it's what I do - my iPhone syncs unlistened podcasts & some music. iPod touch syncs all my music for the gym and just one app - air mouse.
Unless you specify otherwise, when you download an app on the iPhone, then sync it to iTunes - the same app will be transfered to the iPod touch when that's synced. As long as it's running at least os 3.0