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Hello shrktank,
There's absolutely no problem putting both devices on the same account. You are allowed up to 6 devices, one of which must be a computer (so as to access the sony Ebook store, and run the Ebook library software.) Just plug in your latest Reader via usb, open the Ebook Library software, access your account, then go to manage devices. The ebookstore will probably detect the new device and offer to authorise it.
The Bible hyperlinks will also work on the 505.
I think that your question about the cover with built-in light is more difficult to answer. I'm not terribly fond of them (I just use a clip-on booklight) but other people find them indispensable.
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