Yes. The OOTS emblem is a wild-card that indicates that all of the characters drool over that loot.Originally Posted by Video
Yes. Two players can pass an item back and forth between themselves. This is not limited to loot containing the wild card icon. Take a loot that has 1 Roy and 1 V face for example. The players playing those two characters could also exchange that loot back and forth.
Yes. You can use loot containing the OOTS emblem just like you would any other loot. Each OOTS emblem always counts as one face.