It will but you would have to rig it a little because the iPhone 5 is thinner. I tried on my boyfriends phone and just taped with some electrical tape that way it didn't cause a film to be left on the phone.
Don't think so. Haven't tried but the iPhone 5 is thinner than my iPhone 4 and the clip firmly attaches to the corner of the iPhone 4 and, presumably, it will not firmly attach to the corner of the iPhone 5. Suggest you communicate with Olloclip @ http://www.olloclip.com/. The olliclip site shows that it has a lens for the iPhone 5.