Mid 2011 iMac as display, SuperDrive and monitor

HI folks,

I have recently saved up to buy a new 27" iMac and currently own a mid 2011 21.5" I iMac with thunderbolt connectivity.

is there a way that I could achieve the following:

i) use the 2011 Mac as a second display

ii) use the 2011 Mac's 500GB HD as an external HD/Time Machine

iii) use the 2011 Mac's SuperDrive to read and burn DVD's?

ideally I could do all three simultaneously so any recommendations of how it can be done, if it is indeed possible, would be appreciated.

Best,

Michael