1) My P35 board does that too, and my X38 will do it after a full power-down (PSU actually turned off). As I understand it, it's just a quick double-check by the board before fully powering on.
2) Shouldn't be an issue, although if your FSB is high enough, it's not impossible that the reduced voltage might not be enough to power the chip at 6xFSB. Only a theory, though. I've never actually encountered it myself, since I always disable Speedstep.
__________________ i7 2600K | ASUS Maximus IV GENE-Z | GTX Titan | Corsair DDR3-2133 |