What happens if we improve the time hierarchy theorems?
About your second question. No, that would not imply $P \neq NP$. Hierarchy theorems are mostly useful to determine the amount of a single resource needed by a TM so that additional problems can be solved.

For example, we know that $DTIME(n) \neq NTIME(n)$. Let $f(n) = n$, $g(n)$, $h(n)$ such that $f(n+1) = o(g(n))$ and $f(n)log(f(n)) = o ( h(n) )$. 

From the hierarchy theorems it follows that $ DTIME( f(n) ) \subsetneq DTIME( g(n) )$ and $NTIME ( f(n) ) \subsetneq NTIME( h(n) )$.
 Under those assumptions, $ NTIME( g(n) ) \subseteq DTIME( h(n) )$ is possible.

The hierarchy theorems can be used to determine relationships between resources, given an equality between them. For example , assume that
$ NTIME(2^{n}) = SPACE( n )$. We know that $NTIME( g(n) )$, for $g(n)$ such that $2^{n+1} = o(g(n))$, cannot be equal to $SPACE(n)$ , due to the NTIME hierarchy theorem.