Well...I‘m curious too.
Had a Sandisk iXpand Flash Drive for my 10.5“ Ipad and it was great... but transfer speeds sucked.
Would love to see something like this for the USB-C port with faster transfer speed.
If that is to me then yes and yes. I have linked to the official app but an app like nPlayer will stream from it too. I do recommend just downloading from the stick to nPlayer first so you are playing the file locally. That removes any possible wifi issues during streaming due to interference and the like. Might take about 5 mins to transfer the file but it means yo can store the movies on the drive and just download them as you go if you have limited space on your iPad.