You could do this in two pitches but most people have 60 meter ropes these days which is 196.8 feet. On the way down you would have to go to a rap anchor about half way, pull the rope down to you, re-anchor the rope, and rappel again. When rappelling best practice is to use the double rope rappel, plus it is easier to get the rope back down once you are on the ground.

Why would it need to be? It's a regular length single pitch. Though, I wouldn't be surprised if it was easy enough to add some hangers mid-way.