Is light bleeding in between periods (near ovulation) normal? Is light pinkish discharge for a day or less indicative of something else?

Normal. At the time of ovulation there is actually a dip in the hormone estrogen. This drop could cause the mid-cycle spotting. There also could be a cervical or uterine polyp present that could be causing the blood. Check with your doctor if it continues.
Yes. Midcycle bleeding is quite common and is associated with the drop in estrogen levels that occurs near the time of ovulation. It is benign and is not associated with, nor indicative of, any particular problems. Some women notice this every month, some only occasionally, and some never see it.