[Q] Is it possible to install rom that have same MT chipset and Kernel?

Hi there, i dont know if this is the right section to post questions.
But i have some things that i want to know about.

If my phone :
Hardware : MT6582
Android v : 4.4.2
Kernel v : 3.4.67 () (gcc version 4.7 (GCC) ) #1 SMP Sat Aug 13 15:22:50 CST 2016

1. Is is possible for me to flash other custom rom that having the same MT6582 chipset + Kernel 3.4.67 on my phone?
2. Is it possible for me to upgrade my phone Android Version from Kitkat into Lollipop or higher version?
3. What I need to take note before upgrade the Android Version?

Thanks

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