1) Since my camera is a crop sensor, is 50mm a good focal length for portraits? I heard that it'll be a 75mm since it's on crop sensor.
You heard one of the common myths. Focal length is Focal length period. Sensor size does not change focal length. A 50mm is a 50 mm. What you are getting on a crop sensor is the field of view that falls on the sensor is approximately equivalent to what a 75mm lens would produce.
Personally I prefer the 85 to 100mm range for portraits on either a FF or a crop for the particular characteristics of that range.
Various focal lengths shooting the same subject filling the frame as close to the same as possible.
As for which 50mm, since I don't shoot Nikon these days others would be better suited to answer whether to spend the extra on the f1.4 vs the f1.8. If you were shooting Canon then the choice is easy, the f1.4 is far better.
I would suggest that when the budget allows, if you still want a 50mm in your arsenal of lenses look at the Sigma Art 50mm f.14:
Sigma 50mm f/1.4 DG HSM Art Lens for Nikon F 311306 B&H Photo