No. You will open a can of worms.
Typically, the old faucet has 3/8" brass/chrome
supply lines from either a stop valve or fitting
attached to the iron pipe. (The supply line
could also be a newer flex style.)
If that is what you find, remove the old
brass/chrome supply lines and attach new ones
(solid or flex).
I would recommend picking up a basic home plumbing
book; they usually have excellent pictures of
this kind of repair.
Yes, but that is a big job, replumbing the house.
Reasons not to would be acidic water (eats copper), check what is
appropriate in you area. get a permit if needed, etc.
Half inch iron pipe is like 3/8" copper, before it gets all corroded on
the inside. You'll get a lot better flow, etc, but you'll need to
re-plumb all the way back to the supply.
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