No for both
The LG Sunset doesn't have a SIM card slot, you can use it on TracFone for one year then you can use it with other GSM service providers. Rooting doesn't wipe the phone, unlocking the bootloader on most phones will. It's not possible to unlock the bootloader on the Sunset as it is a TracFone.
I am lost here. I know this thing has a SIM card slot, I've seen it and swapped them out with other cards and even other TracFone cards.
If it can be un-locked by TracFone after a year - than it CAN be unlocked.
So what's the deal? Is it that this meathod won't do the job? If so, what's the point to risking "bricking" your phone?