[Tybalt39]

So, in brief:

A: Yes you can have multiple bluetooth pairings. Only one headset for phone use, but potentially more for just listening to A2DP audio. (Added because I forgot to clarify...)
This may be hardware dependent, as I can connect both my Plantronics A2DP headset/phones and my over-the-ear/behind-the-neck headphones at the same time and hear stereo music from both, but others indicate they have had problems doing the same.

B: You can't separate one audio stream from another (other than phone conversations) for the purpose of routing to individual bluetooth receivers (or even direct-wired connections).

Anyone have different experiences?
Anyone aware of any software that allows for separating audio streams and directing them to different connections?