HI Abzal,
1. LTS is just like other media server configured to backup OLDER recordings or files in them, you can configure the LTS storage with Fiber channel. Unless LTS is able to access the respective partitions.
what is the server model?
http://www.cisco.com/c/dam/en/us/td/docs/security/physical_security/video_surveillance/network/vsm/7_5/vm/VSM-7-vm-deploy-1.pdf
2. you may use 3rd party vendor storage to backup recordings, but Cisco doesn't support.
not sure, if this answer's your questions. let me know, if you have any more questions.