Product Options

Yes it's possible. For that, you can create a new unpublished category and put your options into that category. That's what we did on our demo website.

There is no option to display the options with radio buttons instead of dropdowns. However, you should be able to do it by editing the file "option" of the view "product" via the menu Display->Views and changing the line:

$html = JHTML::_('select.genericlist', $this->values, $map, 'class="inputbox" size="1" onchange="hikashopChangeOption();"', 'value', 'text', (int)$value,$id );

to:
$html = JHTML::_('select.radiolist', $this->values, $map, 'onclick="hikashopChangeOption();"', 'value', 'text', (int)$value,$id );