When you are with the stingray's nobody snorkels, you just stand there. I've done just the snorkel & stringray city part but not the island tour so I don't know the answer to your second question.
Yes, the buses are air conditioned. My family loved the stingray city, but make sure that you are on the early trip out there. That way there are fewer boats competing for the rays. We were the only boat, and it was fanatastic.
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