Will Reefmaster important the HDS Live files so that I can generate a contour map inside of Reefmaster?

Yes you can import your SL2/SL3 files from your Live unit to create maps in Reefmaster

Yes, every modern Lowrance sonar exporting sonarlogs which are usefull to reefmaster. Just put sd card (max32gb) into hds, find option sonar log , start recording- give destination for sl3 file, after end of recording just take sd card from MFD and use Reefmaster options- import data. That's all.