Short answer: yes and yes
Longer answer: This dish and LNB would only be capable of receiving one satellite orbital location at a time, which would limit the channels you can receive, unless you don't mind re-aiming the dish frequently, any time you want to get different channels. This is also a "legacy" LNB (intended for DirecTV, but still compatible with Dish receivers) so the Test Installation procedure will take a lot longer on the Wally than it would if you had a newer Dish Pro LNB. (The "Check Switch" test would have 38 steps to check, instead of being in the single digits with the newer LNB.)
For national channels, my recommendation would be to aim for either the 72 satellite (Eastern Arc) or 129 satellite (Western Arc) to be able to get the most HD channels without needing to re-aim the dish. Here are some channel lists (now slightly outdated) for both of those orbitals:
The satellite needed for local channels will vary, depending on where you are located. Or, you could simply add an OTA antenna to receive the broadcast locals that way. For the Wally, you would also need to add a USB OTA adapter, if you want those antenna channels to be integrated into your guide along with the Dish channels.
There are older receivers that have an OTA tuner built-in, if you would rather have that instead of needing to add an adapter. Look for either a ViP211 (no letter at the end of the model number) or a ViP211
k. Avoid the ViP211
z at all costs if you want to integrate an OTA antenna, since that model also requires a USB OTA adapter, and only has one satellite tuner. (The other ViP211 models also only have one satellite tuner.) If you want to be able to record two satellite channels at the same time (requires an external hard drive, and activation of DVR functionality) then you would be better off with a Wally.