Yes they are capable of dropping bombs, but the Tornado does it better.
Total rubbish, having seen the footage taken from the Litening III pods fitted to Typhoons in libya, they are just as good as Tornadoes in the dropping and guiding of LGB's. What Tornado brings to the party is Raptor and Brimstone. What is most likely going to happen is mixed packages of both types going out on missions, just as they did in Libya (and as the Buccs and Tonka's did in GW1). It does give the option of the Typhoon doing the designation and Paveway attacks while the Tornado carries the items that can't be carried by the Typhoon (that is of course if the Brimstone can be designated by another aircraft like Paveway can). If the PWIV has been cleared for Typhoon, that's 4 weapons per aircraft plus the designator.