I haven't used Hub Link/Link to Hub in this manner, but I think the answer to your first question is "yes." If not, the more powerful HubConnect can definitely handle this, and you may wish to consider migrating to that anyway, as it supports a wider variety of devices, has fewer bugs (do bulbs still not work with Hub Link?), and doesn't create annoying "shadow devices" on the hub with the "real" device. If that all sounds too good to be true, there's a tradeoff: it's custom code you have to add and install yourself according to the directions, but it's not too bad.
As far as how to distribute things between hubs goes, there is no right or wrong answer. Well, actually, I guess there are a few likely "wrong" answers--if either uses Z-Wave or Zigbee, it would be a good idea to have a strong mesh for that protocol, so picking a far-away device as your only repeater, using overlapping Zigbee channels, or a variety of other mesh-unfriendly ideas would be bad. But other than that, some people split up hubs by protocol, purpose, or "zone"/location in house. If you do any coding, some people keep a separate hub for testing and development. Others segregate "questionable" code (webCoRe used to be one of these, but I think the current version is a lot better) to one hub so their "main" one keeps running. Some people do more than one of these.
That being said, if you don't really need multiple hubs, it's definitely easier to only have one, so I'd consider if you think you have a good case for this or just really want to try. (True needs would include something like Zigbee smart bulbs, many of which don't play well with other Zigbee devices, and so do best on their own network. Some people also believe--and I am not implying that this is correct or incorrect--that having a large number of Z-Wave or perhaps both Z-Wave and Zigbee devices could also lead to slower communication due to the low bandwidth of these protocols, especially the former, but there is no hard number here. The "questionable code" or test/development thing is another possible reason you might at least want one. But I'm not trying to stop you regardless!)