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1. Yes.
2. If Gamestop allows it to be used for other cards, sure. Doubt it though.
Sadly I already explored card trading, and they do have other cards. However, from what I can tell none of them will fit the requirements. Namely none of them can be bought online as a digital code and converted into another card.
Then what you ask is not possible. The only way would be to go to Gamestop and use the gift card to get a Steam Wallet Card... and that depends on if they will even allow it since some places have a policy against using one gift card to buy another.