Q: How do I alternate backup devices with Time Machine?

I want to keep two sets of backups.  Perhaps I'm overthinking or using a strategy for which Time Machine does not work.

In a previous life, I'd keep a separate tape drive for each day of the week, cycling as I went through.  I believe Time Machine inherently does that.  If I understand correctly, Time Machine makes one backup, then adds additions/corrections/deletions made as of a particular time which allows better disk utilization.  If one restores, one chooses a date/folder/file, and Time Machine uses the original plus any changes to restore as of the date chosen.

But, what if the backup disk fails?  I was given another backup disk.  I've formatted it and have also used this, alternating between the two.  I'm not sure if I'm doing this correctly.  If backup A has the original plus changes made on days 3, 5, 7, 9 and B contains a new original plus changes made on days 2, 4, 6, 8 is a restoration possible using only one backup?

1. What is the proper way to alternate backup devices with Time Machine?  I've noticed that one seems to show "preparing" for backup, when it does have the changes.
2. Do I need to erase my backups and begin again?
3. What's the best way to see if backups are good?  Since these don't work with verify, I've created some empty files in different folders and then checked to see if those new files existed on the disk?
4. Should I only use Time Machine to view files on the backups, or is it ok to use Finder?
5. When I use Time Machine, I will see two devices, one for the backup and one for my machine.  If I look at the one labeled my machine, am I looking at my original, or what the backup disk has recorded as my original?

Thanks, in advance.