Will this module allow taxonomy terms to link to pre-existing nodes?

Hi,
I need your advice before using this module.

I already have nodes (products). Now I want specific taxonomy terms on other content types (like faqs, reviews etc) to link to these pre-existing product nodes. Is this module right for me? Or will it create a whole new set of nodes per each term that I will need to manually re-edit, while deleting the old ones?

Also I want to keep the Titles of node and taxonomy terms as separate entities. Node titles are long, while taxonomy terms are 1-2 words. Will this be possible? or does this module replace the node titles with the taxonomy terms?

Thank you for your help.