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You can use it, yes. But I'd suggest, if you don't have both DLCs, that you get the Legendary edition (60$) on release day. You'll get both DLCs and TTK along with another copy of the game. You can trade your a current copy to gamestop for ~15$ credit, so you can get the Legendary edition for 45 dollars, thus effectively getting both DLCs for 5$.
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OF COURSE ! Its a brand new game... the first year of destiny was just the BETA, they used us to test out there games and OHHH MY did they have many bugs in the game. All the shit you collected ( guns armor) it will all be useless in the wallet King, except for your Exotics. Don't buy it, its another grind fest and for all i know, on year 3 they will make another new DLC that wont allow you to use your Taken wallet (guns and armor) Bungie FAILS !