Decklink Duo 2 output format

Can 2 outputs be in different format, for example, mpeg2 and h264, both having different mbits/sec and different audio settings.

If I want to convert the signal from output signal from SDI to multicast IPTV stream, how can I do it? Which external unit should I get extra?

These cards only output uncompressed video according to the SMPTE standard. Each output supports different frame rate and resolution according to the software that is driving the card.
See SMPTE details here https://en.wikipedia.org/wiki/Serial_digital_interface

mpeg2 and h264 are encoding standards usually used in capturing to disk or internet streaming. That encoding can be performed by software or hardware but not by the decklink card.

The Decklink card may be used as the capture device for software that takes the raw uncompressed video and converts it to mpeg2 or h264.

Hope that makes sense.