The answer is "yes" on all counts. I regularly use paraliminals as an adjunct to my meditation practice and that's a great idea to use the password at the beginning.
Remember that paraliminals are driven by a well formed and dynamic intention, so they are very adaptable. I plan on using the Five Element Healing Paraliminal for challenging relationships, when I feel disconnected from source, when I want more abundance in any area of my life, etc., as well as for physical health and well-being.
When the elements are in balance, everything flows better!!!
All the best!