" Recycle allows the user to regain a
single-use held item, such as a Berry,
once it has been consumed, as many
times as it is used. Any requirements
needed to activate the item are still
required once the item has been
recycled. Recycle can recover items
consumed by Bug Bite, Fling, Natural
Gift, and Pluck, but not items lost by
Covet, Knock Off, Switcheroo, Thief,
or Trick. " - Bulbapedia
The Answer is No to both. First off, it can only recover single use items, Like berries ( Life orb is a continuously used item, it doesn't go away after use ) So thats a no, and then to top it off. Recycle can recover items consumed by Bug Bite, Fling, Natural Gift, and Pluck, but not items lost by Covet, Knock Off, Switcheroo, Thief, or Trick.