In a use case of mine, I am periodically overwriting a storage blob with UploadText method and also the same blob is being read in parallel. I have the below doubts:
For Q1: No, the LastModified time will be updated until blob is committed(before that, it's in uncommitted state).
For Q2: while overwriting, since the new content is in uncommitted state, at this time, only the old content(the content before update) can be read.