If you are making reference to hemming the answer is yes you can buy an assortment of different size attachments for doing rolled hems. A serger or overlock machine will do a rolled hem as well. I have found when working with chiffon that a narrow stitch done on my serger with or without "wiring the hem" makes for a nice lettuce edge look, so in most cases that is all I will do.
Yes you can sew lycra on a single needle machine using a zigzag stitch. I prefer not to, not trusting the strength of the stitch. But that is just my method, you will find that people use both in costume making. I use my single needle machine with a zigzag stitch to do any necessary topstitching on my lycra, using my serger to do all the seams and the hem.