Yes, you can install Venue Service and Reflector on the same machine. Generally, the Reflector should be on a multicast enabled cloud so that the data is not uselessly repeated for those users. If it isn't on a MC cloud, then everyone will have to connect to it through unicast.
For Internet1 you have to use unicast. We have 2 solutions...
1. For connecting just 2 nodes, you can use 2-way unicast (if you can get a real address for your machine).
2. For 3 or more nodes (or if you can't get a real address for your machine) use the Reflector.
Be aware that only one machine behind the NAT will receive the data.
JVE