Well, both of your questions are related.
Easel Pro adds additional fonts, and allows V bit carving, and a few other features.
Easel free does allow user to have 6 days a month of Easel Pro carving, so you can try it out.
V bits are just that. A bit that is shaped like a “V” and comes to a point at the tip. They come in various angles, such as 90, 60, 120, etc. (the most common)
These bits are used in conjunction with a changing depth of cut during carving to achieve a varying line width, mainly for sign making and doing text. They are much faster than trying to do the same thing with a straight sided bit, and give a tapered cut to add additional dimension to your text.
Al