As far as being able to do it, I would say yes. This would be a true Bi-wire set up, but in your case, you would be doubling the cable to the same post. Would there be a sonic difference? Probably. How different depends on your equipment.
As far as terminations, I have heard many opinions. Some prefer Bare Wire as the most the most revealing. Though the banana/spade combo should work well.
As far as terminations, I have heard many opinions. Some prefer Bare Wire as the most the most revealing. Though the banana/spade combo should work well.