1 - Yes. I use just one. I didnt try more than this. I solved some of the back and forth problems by changing some settings like density of the wheels, and etc.
a video showing the physics would not show too much. Maybe later I upload one…
For now, I’m letting a project of a car, made like I made mine.

Remembering that you must disable collisions between the wheels and the rest of the car, or the wheels can touch the car body or chassis and the friction will be works for the performance of the car.
You can do this by setting bit category and mask bits. This is a few complicated to understand. I recommend this article:
http://developer.coronalabs.com/forum/2010/10/25/collision-filters-helper-chart
I am still new to corona, but I hope I can help someone with this info.