Microtype in ConTeXt

[woodbird]

I am thinking about moving from LaTeX to ConTeXt. But there is one
thing make this particularly difficult. That is the microtype LaTeX
package. More specifically I have the following questions (assuming I
will use MKIV and luatex)

1. I understand that ConTeXt can do margin kerning and font expansion,
but is there a way to setup a configuration file for each font set.
Like the mt-foo.cfg file for font family foo when using microtype in
latex.

2. Is there a way to do letterspace in ConTeXt. I understand there is
a command called \stretched. But if I understand correctly, \stretched
is actually a fixed width \hbox rather than true letterspace. What I
want is the feature like the tracking option in microtype package,
which can automatically letterspace all small caps. Moreover is there
a way to define new sets of fonts for letterspace. For example I
defined a new font shape called \capshape, which use case tags of
OpenType, and I want to use letterspace this shape with certain
amount all the time because I am not satisfied with the space
provided by the cpsp tag of OpenType.

I am sorry for using any LaTeX terminology. I haven't start learning
ConTeXt at all at this stage. I want to first know if it provide all
the features I need before I spend my time on learning a new language.