The second question is much harder, but if we take the strict IPCC definition (i.e. natural carbon removal by trees, soils, oceans etc. is all in addition to net-zero), model studies suggest that temperatures would stay roughly where they are, because additional ("owed") warming over the decades it takes to reach a new top-of-the-atmosphere energy balance) would be almost exactly matched by a small cooling effect as natural carbon sequestration starts to remove some of the carbon from the atmosphere.
So nearly everyone got this wrong!
See longer discussion here: http://www.easterbrook.ca/steve/2013/02/how-big-is-the-climate-change-deficit/
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