Product availability option and fabric cut sales

Hi,
I have a question about product options in EShop - I am setting up fabrics shopping cart and I need to show users how much fabric of each kind is available (inventory). For instance: we have 3.25yr of "pink polka dot fabric" and I want user to see availability of 3.25yr in product description AND if she buys 1 yard the inventory will automatically show 2.25yr left (after she places her 1 yrd order). Can EShop do that? Will system warn the user if she tries to buy more than available?

Also, can purchase options be set to sell by fraction of a yard?

Please, advise,
Irina