Possibly a dumb question: If I'm tethering my WiFi iPad to my iPhone (using it as a cellular/mobile hot spot), would I be able to surf the web on the iPad while talking on the phone?
If you are using your verizon iphone to tether to your ipad then you cannot make or receive calls on the verizon phone at the same time.
Once you call someone or someone decides to call you then the data is automatically disconnected and personal hotspot shuts off and there is no data on your ipad while you're talking on the phone.
Should be pretty easy to test out on your own. Just have someone call you while you're tethering your data from your phone to your ipad or any other device.