I am not a developer, but this what I think would happen.

1. No. You can play with the new version and last mod update, but none of the new stuff from the update will be available if they were touched by the mod. New dinos, items, etc.

2. You wouldn't have to wipe, but you could have problems. Dinos that were tamed and are AR dinos would disappear, so would any items this mod added and whatever was in them. You might also have trouble placing something on the spot that took up as the server it is still there but can't access it or display it. Not sure about that part though.