You can certainly do both within vCAC, but as you pointed out the documentation leaves a bit to be desired around these topics. That said I am working on building blog posts regarding both of these topics, but I do not have them covered yet.
vCAC does have OOB support for vCO. It is able to execute vCO workflows and pass paramaters through to them as well as receive a response from vCO on the status of the executed workflows. This is a rather simplistic explanation, but the answer is yes.
The workflow designer in vCAC make sit really easy to intergate with CMDB's and other exteranal systems. I hope to have a very detailed article on this within the next few days so stay tuned.
-Sid