Hi,
Yes, the full profile of WAS v8.5 is supported in a mixed version cell. The Deployment Manager that manages the cell has to be v8.5. It will also support WAS v8.0.x, v7.0.x and v6.1.x in that same cell.
The Liberty profile can be packaged as a zip file including applications and configuration. It can run anywhere unmanaged. So, yes it can run in the same image as an older WAS version or any other environment that supports running Java.