(1) What is the required relation of instructor and student of Hermetic Virtues on Apprentices p.40ff?
This is not certain. The structure of the chapters in Apprentices puts Teaching Hermetic Virtues as a subchapter into Hermetic Apprenticeship, implying that teaching Hermetic Virtues requires an Hermetic apprenticeship. But
puts this into perspective again. And on Apprentices: In my hands... - #66 by Matt_Ryan the author of Apprentices, Matt Ryan, appears to see no problem with shopping around for another teacher:
So this is utterly YSMV.
(2) What happens to existing Hermetic Virtues, when the Hermetic Arts are Opened?
Nothing. Only non-Hermetic Virtues form an obstacle here: see Apprentices p.35f Opening Arts with Supernatural Abilities, which is not cleanly worded, but clearly shows the intention.