The type Palkia is :water dragon. I know because i have him on my pearl game.
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No, Only Palkia. The orb is Palkia exclusive, any other pokemon holding it would be the same as giving it a pokeball.
Hard to say, neither has a obvious type advantage.
The most powerful water type pokemons are kyogre and Palkia. Wrong. Palkia and Lugia tie for it. Kyogre is less powerful. But Arceus with the Water Plate could be considered more powerful.
palkia
yes palkia is a legendary thank you you need a a master ball to catch palkia