HM-10 Read and Write?

1.) Is it possible to use a single HM-10 with an Arduino Uno to read from a sensor and send to an Android application while also being able to send data from the application to the HM-10?

Sensor -> Arduino -> HM-10 -> Application
and
Application -> [command] -> HM-10 -> Arduino

if not
2.) Is it possible to add more than one service/characteristic?

Yes and Yes. Read the HM-10 Manual to get an idea of how. Implementing it will be a bit of work. This response is to help you get started in solving your problem, not solve it for you.
Good Luck & Have Fun!
Gil

Check the Martyn Currey website for a good start on HM-10. You might find you are better off using an HC-05 for this sort of thing.