So is looking up and seeing what looks like a line full of laundry instead of a canopy (or having a bag lock on a free fall jump) and having to go to the reserve with the thought, 'TOO LOW! TOO LOW!' screaming inside your head the whole time.
Ok, The answer to the first question is roughly 360ft.
The answer to #2 is,,,Yes, both bullets hit the ground at the same.
The MythBusters ran the experiment. Here's the short version.
MythBusters Bullet Fired Dropped - YouTube
I don't get it- the bullets appeared to hit the floor at different times. Not very scientific to shrug off the 30 millisec or whatever difference. Not as impressive as the time they launched a water heater through the roof of a simulated apartment- now that was good!
I like the 100mph tape one picking up the car....
My distance was only 30ft/10m past the supplied answer, given the number of assumed variables I had to use, I will call that a winner.