Date and Time format

The docs included with the plugin explain how to manipulate the date, using PHP’s built in date functions. For your requirements, you would use:

<?php echo date('m/d/Y', strtotime(get_post_meta(get_the_ID(), 'date', true))); ?>

The time is a bit more tricky, but still just uses a little PHP to manipulate the stored time:

<?php
$apm = 'AM';
$time = explode(':', get_post_meta(get_the_ID(), 'time', true));
if($time[0] == '00') {
	$time[0] = '12';
}else if($time[0] == 12) {
	$apm = 'PM';
}else if($time[0] > 12) {
	$time[0] -= 12;
	$apm = 'PM';
}
echo $time[0].':'.$time[1].' '.$apm;
?>

Assuming you meta keys are ‘date’ and ‘time’ respectively. Just change them to what you have used otherwise.

In the theme’s template you planned on using before. That completely depends on your theme and your planned use.