In one word, yes ... to both questions.
Don't let the hub extender throw you. It's actually easier than many newer vehicles, like the 2004 Silverado 2500HD.
The picture is great! It looks like a fairly standard Kelsey-Hayes dual piston set-up. The two bolts on the caliper, visible in the picture, disconnect the caliper from mounting bracket behind the rotor. Take those out and the caliper lift off the rotors with no more difficulty than usual. (The calipers weigh quite a bit more than light truck calipers.)
I'd recommend changing the brake flex lines while you're at it. At about $10 each, it's a cheap improvement in reliability.
Is your brake booster mounted on the master cylinder? Or, do you have single or double frame-mounted brake booster(s), with slave cylinders? If frame-mounted, the bleed procedure will involve additional steps than you're probably used to.
BTW - you have the readily-available "high-hat" rotors, which is good. My '73 RM350 had the f'ing hard-to-find low hat rotors, which took almost two years to find replacements. (Amazingly, I found the replacements on Amazon, of all places.)
