VST System Link Questions

Im interested in getting into using the VST system link to connect another computer running Cubase to my master Cubase. I have a few questions for this.

Is it possible to use Cubase 9.5 64bit on the master machine and cubase 8.5 32bit on the slave machine?

I want to use the setup to process audio from the master machine to the slave machine to use old plugins to process audio, is that possible and how is this done? For example do you have to record it back in realtime to the master or can you render it?

Do you use ethernet to send audio to and from? or do i need another audio interface for the slave or is the interface mandatory for this to work?

This is explained by the manual:

You can use any DAW that supports VST System Link. It doesn’t matter if it’s 32 bit or which OS it’s running on.
The slave DAW will work much like a hardware unit, and will need to be recorded in real time.

To use effects, I think you’ll have to either use them as sends or record them using the second computer.