No, Pig will not show any warning if there is no matching field or a mismatch. If you assume that Pig gives such a warning, then it is difficult to find in log file. If any mismatch is found, it assumes a null value in Pig.
It depends upon the cluster you are trying to create. The Hadoop VM can be there on the same machine or on another machine. For instance, in a single node cluster, there is only one machine, whereas in the development or in a testing environment, Namenode and datanodes are on different machines.