Yes & no. They both will be visible in your scene but a problem you’re going to run into with Vray vs. mental ray light sources is that the VRay lights emit evenly from the area whereas the 3ds Max / mental ray lights will emit from the center point of the area light. Therefore the vray light will be more evenly distributed than the 3ds max/mental ray light.
That’s one of the fundamental reasons for unhiding/using the blackbody shader. You can assign it to a portal light because while the portal lights also exhibit this center point distribution it’s not as strong or visible as it is with photometric area lights.
Anything visible including light sources will be reflected in objects that have reflective materials applied to them, so yes I guess? Or I’ve misunderstood the question.
There’s a studio light thread here that might be helpful as well: http://forums.cgsociety.org/showthread.php?f=6&t=916160&highlight=studio