Q1: This card's inherited effect and BT20-063 Ghostmon's inherited effect triggered simultaneously when BT20-068 Bakemon with this card and BT20-063 Ghostmon in its digivolution cards was deleted. At such times, if I activate this card's effect first and BT20-068 Bakemon is returned from the trash to the hand, can I then activate BT20-063 Ghostmon's inherited effect?

No, you can't activate it. When a Digimon is deleted and an On Deletion effect on a digivolution card is triggered, it will only be pending activation for the Digimon card with that digivolution card. If a card with an effect that's pending activation leaves that area before the effect activates, the effect can no longer be activated. In this case, if BT20-068 Bakemon is deleted and an On Deletion effect on a digivolution card is triggered, the effect will only be pending activation for BT20-068 Bakemon. If the deleted BT20-068 Bakemon leaves the trash, the inherited On Deletion effect that was pending activation can no longer be activated.

Q2: This card's inherited effect and BT20-063 Ghostmon's inherited effect triggered simultaneously when BT20-068 Bakemon with this card and BT20-063 Ghostmon in its digivolution cards was deleted. At such times, if I activate this card's effect first and BT20-063 Ghostmon is returned from the trash to the hand, can I then activate BT20-063 Ghostmon's inherited effect?

Yes, you can. When a Digimon is deleted and an On Deletion effect on a digivolution card is triggered, it will only be pending activation for the Digimon card with that digivolution card. You can activate BT20-063 Ghostmon's inherited effect even if BT20-063 Ghostmon is returned from this card's digivolution cards to the hand.