Honestly, I don’t know. I did notice in awake that toggling between K2 and K3 seemed to switch views on the Launchpad between the upper and lower sequencers. awake seemed to work just fine anyway, and I could still change the notes in the sequencers, directly from the Shield itself. More than that, I can’t really say at this time, sorry.
I haven’t done it, but @DoS reckons it’s pretty straightforward (scroll back up this thread to about 3 days ago)! Whether you’d need to use a different include line when editing scripts, I don’t know - ask me again after my next pay day and I have two Launchpads sitting here to play with! 
There was some discussion about this, also again upthread (@JaggedNZ’s suggestion, iirc). At the moment, I’m running a single Launchpad directly off the Shield and so far, so good. I haven’t noticed the Shield overheating, or the Launchpad behaving unexpectedly.
But I agree, if using two Launchpads, a powered USB hub would probably be a very good idea. I imagine that the two Launchpads would each use a port on the USB hub, and that you would connect the Shield from one of its USB ports to another on the hub.
But I haven’t tried this yet - this is my best guess.
I hope this helps in some way!