I believe what you are looking for is Custom IP address prefix (BYOIP). Please review the limitations and requirements. The process is outlined here:
I believe the answer for your second question can be found here: "When the command to update the custom IP prefix to the Commissioned state is executed, the IPs advertise from Microsoft's network. Any advertisement of this same range from a location other than Microsoft could potentially create BGP routing instability or traffic loss. For example, a customer on-premises building. The advertisement should be disabled once the Azure infrastructure has been verified as operational."
If you have multiple /24 prefixes then you can keep one for on-premise. Otherwise you need to migrate the whole prefix.
Hope this helps! Let me know if you still have questions.
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