yes, most eshop content requires cfw. the only stuff that doesn't is dlc that has a free dlc. you can transpose tickets in the slc to make all dlc for that game work for free without cfw.
most of the time, yes, the game will be rendered unusable. I don't think it will even work if copied or there's be a paradox or something. you could try it. use loadiine for that game if it doesn't work. loadiine is good for vc, since you can only have 292 games installed at one time unless you use the virtual wii and emunand.