LED reverse voltage and LED supply issue
Actually when referring to the LED, following are the answers to your questions:

Yes, you need to look at the reverse voltage that may be applied to the LED in the off condition. If there would be no possible way of reverse voltage coming up on LED, then you don't need to worry
Yes, you would have to apply voltages greater than V_forward of LED to supply current and that has to be limited by putting a resistor in series(Essential for limiting the current).

From the datasheet, I could find the Current to be supplied to be 5mA for some brightness. You can calculate the value of resistor based on, (Vcc-V_forward)/5mA.
You can tune the brightness intensity by changing resistor values. But resistor in series is essential for not damaging the LED(if supply is voltage source not current limited source).