I'm not sure. It is not something I experimented with. I should think it wouldn't take you long to figure out by switching from one to the other during cut sessions.
No. Maybe once the wheel was off it might be marginally easier to fish the bolts through, but then you would still need to route the belts into pulley grooves after re-installing the wheel. And getting belts in place is the most difficult and time consuming aspect of this whole operation, but you can't tell it from this video because the solid wheel blocks the view of me installing the drive belts. So really, taking the lower wheel off would have only added time. Plus, it is like 75 lbs, something like that, solid cast iron!