After examining both main emacs packages, I think I figured out the obscure naming conventions: 'i686' refers to the 32-bit version, while 'x86_64' refers to the 64-bit version. So this answers my first question.
I have no intention of doing so, but I still wonder whether the "deps" package is intended for *BUILDING* emacs, or if it provides runtime binary support for some of the more obscure elisp facilities.