So uh, how do we get an item to restore specifically half of HP or MP in battle? It seems the question has gone unanswered.
I assume he means one or the other, rather than both. At any rate
Going by what you've been asking in previous posts (an item restoring both half of HP *and* MP), I don't believe FF7 allows this to be easily possible. Very few things affect both HP and MP at the same time, and none of them do exactly what you want.
So the next best thing would be to create an item that calls an additional effect.
Item: FF FF FF FF FF FF FF FF 2D 00 F8 FF 01 02 24 10 00 FF 18 7B FF FF FF FF 00 02 FF FF
Setting this as your item will cause it to heal half your HP, and then run the effect of the spell 0x7B. 0x7B is unused (it's immediately after the Blade Beam secondary effect), so you can set something like this in it:
0x7B: FF FF FF FF FF FF FF FF FF FF FF FF 01 02 24 10 00 FF FF FF FF FF FF FF 00 02 FE FF
This does exactly the same thing as the item, but affects MP instead. Also note that this is the *Spell ID* 0x7B, not the Item ID: the 0x18 special effect can only target spell IDs.
The drawback to this method is that when using the item, the item throwing animation will occur twice, once for each effect. Also, a blank message box will appear when performing the second effect -- this blank message box seems to be reading names from the item name table too, so just giving 0x7B a name might not work. Someone better acquainted with animation IDs and setups might be able to help fix those.
I've been using 'call second spell' for my Darkside ability (sacrifice HP for a powerful phys. attack). There is one precaution to note, however, to do with animations. Basically, the anim ID for the second spell is treated as though it existed in the same scope as the anim ID for the calling spell. So, making an E.Skill call a player spell will actually give you two Enemy Skill animations, etc. Keep this in mind.
Also, it doesn't matter how you name the second spell, it won't appear in the battle marquee.
NFITC1, I'm not sure what you're asking - as a rule, the one animation gets completed, before the next proceeds. Excepting the limits, the effect usually just resembles W-Magic / W-Item / etc., with two discrete and separate visual effects.