You will need a couple hundred pounds of air pressure.
Yes, a set of old Cadillac horns have that duel sound. It requires two separate toned horns to get that sound effect.
Yes, as long as your city/county doesn't have decibel restrictions. Where are you going to mount the air tank and pump?
varies from location. Some counties or states have different noise pollution laws. and it depends on how you use it. driving down the road at 3 am blaring it is frowned upon.