Rajan, as far as I am aware, as long as a hub is in pending it is not visible to search engines at all. I had some hubs that took weeks to be indexed by Google, and when I checked for them with the url I found a note that said the site bots were blocking them. But when I emailed HubTeam it turned out that they were't doing anything to block them. I manually submitted them for indexing, but even after that it took a few days before they showed up in searches.
So to answer your second question: if a hub is in pending it does not come up in searches, not even when you enter its url.
I don't know the answer to your first question.
One other thing: editing a hub in pending makes it have another 24 hours in pending from when you edit. I also think it may have the effect of delaying the indexing process, (from what's happened with some of my hubs) but I don't know this for sure.