1) No, it is almost impossible to tell if it is 5:27 or 5:28. This bothers me a bit but not to the level where I find the inconvenience annoying or anything like that.
2) I thought nothing of the second hand being absent until the first day I wore it. I couldn't tell how accurate my watch was. So when I next visited my AD, I asked their watchmaker to put my watch on that timing machine. The readout was perfect at about +3 seconds per day. I had not thought about the second hand since. As far as time setting is concerned, I think the major inconvenience is when you pick up the watch and you want to set the time but the actual minute is in the range blocked by the moonphase window. In that case, you would have to wait until after the 40th minute of the hour then set your time. But in that regard, my Reverso Grande Sun Moon is more inconvenient as the different displays keep intruding in on the minute chapters.

Whether or not you find the answers above to be a relief, I thank you still for your kind compliment on my watch!
Ruckdee