1) it will be refurbished. However, complaints were made that this wasn't enough as it's currently unfit for purpose based on current passenger levels. There are no holding areas at the gates meaning it just turns into a jumbled mess when flights are boarding. Many airlines have argued that the B pier needs to be wider to allow a more robust operational and passenger experience.
2) in terms of joining B pier to Terminal 2, T2 will extend East, curve southwards and join up to the end of B pier once the C pier has been demolished. There are plenty of graphics on the net that were released on the launch date showing how it would work.