Yes. Consider laser therapy. I have used erbium laser therapy, fractionated, to treat this problem with good success.
Yes. It will depend on whether one is taling about upper or lower eyelids. For upper eyelids if there is still redundant or extra skin, treatment option aresurgically excsised (blepharoplasty) , thermage radiofrequency tightening procedure for lower lids one ulthera (also utilizing radiofrequency to tighten skin) or laser procedures will tighten skin.