weblogic log rotation

Weblogic 8.
Currently redirecting stdout and stderr of a JVM from inside the startscript to a file (via 2>&1). Looking into using instead:
-Dweblogic.Stdout="stdout-filename"
-Dweblogic.Stderr="stderr-filename"
But have some questions:
1> Can these be sent to the same file (as in the redirect from inside the script) or will there be a filehandle issue?
2> Is there any way to rotate these via the weblogic console (I see there is for the server log based on time, size etc...). Or are you on your own to rotate these?

201410-LO-Qu-021

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