About your first question, it’s possible to connect multiple devices to one master device, in this case it would be your Edison module. You can check this great explanation about how Bluetooth works from Sparkfun, Bluetooth Basics - learn.sparkfun.com.
Regarding the SPP profile creation and the connection between the Edison and the HC-05 module, have you tried following the instructions from section 6.7 of the Bluetooth guide? http://download.intel.com/support/edison/sb/edisonbluetooth_331704007.pdf.
Also, make sure that you’re using the latest Yocto image: https://software.intel.com/en-us/iot/hardware/edison/downloads.