Yes, you can use it to hand quilt. Just slide it across bees wax or other thread treatment.
Can't tell you if it will work in your machine. Machines are not the same and it has been reported here many times that some threads work well on specific brands of machines and others don't. I personaly have no probem with any thread I use and I have 4 different brands of machines. Also, Connecting Threads product gets good reviews. So guess the bottom line is that it is good thread but have no idea if it will give problems in yur machine. Probably won't. Why don't you get a spool and try it.
And just because it is on a cone doesn't mean it if for long arm quilting.