Yes, he could cause some serious matchup problems, which would allow Bledsoe to get the ball to Witten or Glenn or Crayton. If Owens is on the field he will most likely draw a double team, leaving Glenn in single man, and Reynaldo Hill isnt a good CB from what I've heard over at gotitans.com, so this would be a serious advantage for the offense.
No, because IMO we dont really need him, and dont want to risk he re-aggravating his hand. He should be 110% if he sits this one out, and good to go against PHI, which is a much more important game for him to be in.