Will I be able to redeem it on one console but play online on another? I mean if I move my account and data from one console to my other one would downloading the pass on that console allow me to play online on that too?
Yes. Any data you own you can download on a friends console and use it (ie a arcade game etc) as long as your connected to live, When you go, that arcade game would become a trial version etc. (apart from on the console that it was first downloaded too,
where the DRM for that content is).