Also.. is this a limited term use, or lifetime package?
The "Teacher and Student Edition" is just a licensing model. The application itself is identical to the "normal" Acrobat.
I'm not sure, though, if it's a subscription model (where you need to prove that you're still entitled to it from time to time), or a perpetual license. My guess would be the former.
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Sorry for the delay in response.
As Try67 mentioned there is no difference in the application itself. Yes, you should be able to do all things which you asked for.