According to Bashiok:
...faster speed weapons consume more resource but may do more damage. Channeled skills might still be better with slower weapons though because on a channeled skill, you have as much mobility as you want, so the "mobility" and "overkill" advantages of faster weapons are eroded with channeled abilities, so all you’re left with is increased mana cost for increased damage.
So yes, a faster weapon will cause more skills to tick faster, resulting in you dealing more damage over time, but will result in you using up more resources as you are channeling faster.
Channeling mechanics
Let's use Ray of Frost as an example,
Cost: 20 Arcane Power
Effect: Channel a beam of frost that deals 215% weapon damage as Cold.
Since this is a channeled skill. The resource cost ticks by 10 and drains that much Arcane Power at twice the speed of your weapon. If your attack speed is 1 attack per second, instead of draining 20 Arcane Power once per second, it will drain 10 Arcane Power every half seconds.
Additionally, Since Ray of Frost is a channeled spell. It is broken down into many small attacks that deal a total of 215% weapon damage based on your attack speed. If your attack speed is 1 attack per second, it will deal a total of 215% weapon damage per second.
tl;dr: The faster the weapon attack speed, the faster the drain; slower the weapon attack speed, slower the drain.
Damage-dealing
Assuming two weapons have the same damage, the faster weapon will use up resources faster than the slower one when channeling, but the faster weapon will take less time to do full damage than the slower one.
An axe at 15 damage and 1.0 attack speed will drain slower. (15 DPS)
A wand at 15 damage and 1.5 attack speed will drain faster, but will do
the same damage faster. (22.5 DPS)
You don't equip them. Your followers do.
Each follower (Templar, Scoundrel, and Enchantress) has a special equipment slot just for these types of equipment. You can access these slots through the follower inventory screen.
The inventory screen can be accessed by clicking on the follower icon at the top left of your screen or hitting the 'F' key (by default) if you want to access the inventory of the follower you are currently using.
The inventory of followers you are not currently using can be accessed by dialog options with them in town.
Best Answer
Yes, you can equip as many Legendaries as you want in whatever slots you have available.
The exception is that you cannot equip more than one of a specific legendary labelled as Unique-Equipped. Note, this does not mean you cannot equip two Legendaries of the same item type or slot type, merely that you cannot equip two that have the exact same name unless one is a legacy item and the other is not. A legacy item will show differently in auction house searches but not in your inventory.