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1.) I always recommend at least a 1GB droplet when you are running a database. 300-400 simultaneous requests is a large amount of traffic. Figuring a second for the requests that is 18,000 requests per minute on your site. If you are actually seeing this volume of traffic you would need something much more robust than a 1GB droplet.
2.) When creating a droplet you automatically get a single ipv4 address. You also have the option to add: