Closed captioning for FaceTime ipad

FaceTime does not offer this, sorry. But there may be other solutions. There is this offering - https://www.innocaption.com/ which is a free service, with iOS app. The service is free within the USA.

Sorry, but to my knowledge, no. There would have to be a 3rd party tool interfacing to the conversation in real time.

You might want to check the App Store for an app which can do something like this.