Yes to both.
Camo cloaks are errata'd to just give +1 cover save instead of Stealth now, so it stacks with actual Stealth.
And yes, a 'Precision Shot' is a shot you can allocate. Normally only a 6 to hit for a character or a Sniper weapon would result in a Precision Shot, but Eye of Vengeance improves that to all successful hits.
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