Is it possible to configure multiple interchange ids for a remote trading partner.
Yes, it is possible.
Is there a way to send an acknowledgement/notification through B2B if an EDI transaction gets failed or error out.
Yes, functional acknowledgement is supported in case of EDI but it may not cover all the failure cases. You may use EDI with any standard exchange protocol like AS2 which will help you to have an exchange layer acknowledgement as well and by this way you can make sure that an ack will be sent back to remote tp in case of any type of failure.