Definitely, to both questions. I originally started with 5 males from three different sources and 7 females from four different sources. Their pair bonds aren't strong and if you swap males and females regularly you can keep the gene pool fairly well mixed up. Over time though, it did catch up. Sources on the web generally state a lifespan of 4-6 years, but I found that to be more like 3 to 4. I had them for quite a few generations, maybe 6 or 7 I'm thinking. Other than being a little picky about what they eat, they are pretty durable and adaptable. The last two generations I saw were approximately 20% culls, either deformities or swim bladder issues. A couple of my friends had colonies originally started from the first and second generations of mine, and both of them are seeing the same thing.
If I would have added some fresh genetic material it would have helped. Part of that is my fault and part of that is due to availability. I saw them regularly for a few years when I got mine. But after that I wasn't able to find them locally. And by locally, I mean as far as 100 miles south in the Denver metropolitan area. The only shop that could, or maybe would, order them (a mom and pop place in Denver called "About Fish", these guys are great!) did so but I couldn't guarantee I could be down there within a few days and after a few days they wouldn't hold them, which is fair enough. They got them and by the time I got down there they had one female left. I took her, but that wasn't much help in the overall scheme of things. As for on--line, I never seemed to find them when I remembered to look. When I got on-line I used to typically only look at cichlids and catfish 90% of the time.
Anyways, I'd recommend them to anyone except the newest newbie. Even old-timers should give them a shot. They have the personality of cichlids and are attractive fish, but aren't anywhere as picky about water parameters and aren't nearly as aggressive other than small territorial battles, which are usually resolved with gill-flaring and fin flashing. When kept as a colony, the males tend to keep their black and blue breeding coloration longer.
I'm gonna start trying to run down some Badis ferrarisi and Badis assamensis. Both these guys are a bit different looking than either of the two Badis species I've kept.
WYite