Regarding your first question - yes, you will be prompted after you have finished your GRE to decide whether or not you wish to see your score. If you select "yes," you are provided scores on your verbal and quantitative reasoning, but not the analytical writing section (which must be graded). The full score sheet becomes available to you within a few weeks of taking the test. If you decide to take the test twice, it is possible that your first test's scores will come in by the time you are eligible to take the GRE again, which would allow you to reflect on the areas you need to work on the hardest.
Regarding your two options - this is completely up to you and a personal decision since you know your own academic capabilities and strengths far better than we do, but something to consider - depending on your field and program, taking it twice (despite the pain to your wallet) doesn't hurt. I have found that many people, like myself, performed far better the second time taking the test, whether they studied more or less. Taking it this first time could allow you to get comfortable with the testing facility and test structure/format, and then you could take it a second time with more preparation. I studied extremely hard for a year prior to taking my first GRE. The second time, I did not have much time to review, but I felt far more comfortable because I had nothing to lose (especially thanks to Score Select). I ended up scoring several quartiles higher in the verbal reasoning category and even exceeding the recommended score that institutions had suggested for my program.
Others might say to hold off, which is also valid because the GRE is testing you on your ability to work methodologically through their questions in a manner that, realistically, requires some practice, even for the best and brightest test takers. The free Kaplan practice test helped me assess my strengths and weaknesses, but despite how much my study resources helped in the long run, neither practice tests nor all of my studying could have prepared me for how the test was structured in the actual testing facility, except for just going ahead and taking it.
Regardless of your choice, keep graduate coordinators or any other relevant parties in the loop, if the timing of your tests is something that they need to be told about. Best of luck!