Does the command
mount -o bind allow mounting a folder from a different file system (vfat, ntfs) to a folder in Linux native partition?
Yes. Well, I've made a quick test on my system, mounting a NTFS partition from Windows onto a directory in a XFS Linux partition, and it worked okay.
You have to do this operation as root.
Yes it does. The main point is that the source and destination folders have to exist prior to attempting the mount. You also need to be superuser.
Also read up on bind-mounts, as there are options to them too.