NB: in your questions, you're mixing L2 and L3. L2 doesn't care about IP fragments or the DF bit setting. L2 doesn't fragment, although L2 MTU, at a L3 interface, may cause L3 to fragment.
#1 Will the packet be forwarded? Maybe. Although you note the receiving port is configured for a MTU of 1500, much depends on whether the interface can physically process jumbo frames. If it can, I understand Cisco switches will often accept the frame, even when larger than the configured MTU. If the interface cannot physically accept the jumbo frame, it will be truncated. However, normally for egress, interface will enforce its MTU, i.e. won't transmit a too large frame. Yours in an interesting question, as cut through begins to forward before the whole frame is received. Without research further, I suspect its might be logically dealt with similar to the situation that a corrupted frame is received.
Would the switch fragment it? It shouldn't if you mean a L3 IP fragment. Likely it's sent truncated, and is seen as a corrupt frame by other devices on the same "wire".
What if DF bit is set? If DF bit were to come in play, you would need to be egressing a L3 interface and for those a new frame should be constructed. I.e. don't believe cut through applies.
#2 I'm not really sure, but again, suspect the frame might be truncated if you have two ports, for the same VLAN, on the same switch, with different sized MTUs.
