Coax cable is of course two way, it is just a conductor.
As for the length of the coax, it is important. The greater the length the more signal strength loss. Typically the max length I have heard has been 100 feet. However, there are such things as signal multipliers (transformers) that might be of help.
I would not recommend cable TV, but Dish TV is nice. They, however, suggest not having cable greater that 100 feet without in line signal multipliers.
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