1) It's a bug, it's mail gear later levels it's just lnc/drg but at low levels tanks will need on it and you can't.

2)Yeah it gets buff, use with cds and other buffs, potions as well if you got them.
I'm in relic, dl/ak the other monk my FC is in relic+1 and ful DL and he has BFB, guess who gets to use LB3 :P