Yes, they are distinct conditions. For example, a ghost is "normally" ethereal and it can't attack on Material Plane, but when it manifests then it becomes uncorporeal and can attack with ghost touch weapons.IIRC, this won't work going by the standard rules. Ghost Touch allows weapons and armor to interact with incorporeal creatures, not ethereal ones. They're two different conditions.
No. The weapon doesn't selectively bypass some materials while striking others.Thanks for that, what if the thief was on the PMP with a Ghost Touch weapon, would that negate the armour including magical bonus, so a fighter with +1 shield and +2 plate and no dexterity bonus be at AC 10

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.