The answer is a classic "yes, but"... The One is primarily there so that you don't forget things or can find them quickly (e.g. if you haven't put your key where it always is). The app can alert you, for example, if you have forgotten your key somewhere (with One). It's up to you to decide whether it's very helpful when you realise on the street that you've left your front door key at home. At least you can see where the One was last near your mobile phone (or the app).
Now for the case: of course, these (passive) tags all work the same way in principle. So you could already put the registered Chipolo in the case, then you would have to mark it as "lost" and then... Yes, what? Then, by chance, another Chipolo user would have to come by the suitcase to update the location. In principle, this is also the case with alternative tags, but it is a question of the size of the user group. And in this case, it is manageable. I doubt that this will work well...
Chipolo therefore now has two alternatives on sale: Chipolo ONE Spot for the Apple system and Chipolo ONE Point for the Android system. Both use the standard of the corresponding platform for these tags and thus enlarge the user group considerably, which should work better for this purpose in my view.

No, I have not yet tried to use the suitcase😀.

These things are just junk. I had one myself. Since they can only interact with other Chipolo users, what you're trying to do is going to be very unreliable. There doesn't seem to be an Android ecosystem tracker that works with all mobiles. Let's wait and see how the Pixel Tags behave. The AirTags are a lot better. They simply communicate with every iPhone.
I can only advise you against the Chipolos.

No, unfortunately not. It must be within bluetooth range