Here's a Solarwinds KB article that has more information regarding your first issue with the MMC snap-in.
The second issue does look to be caused by a problem with WSUS itself. Have you tried restarting the server yet? Did you confirm the WID is running?
This problem has been fixed. These were the steps followed to repair WSUS.
- Using WSUS30-KB972455-x64.exe, uninstalled WSUS SP2 from the PM server.
- Granted the Datagrid Server service account the sysadmin role in SQL for the instance of the WSUS database.
- Using the WSUS30-KB972455-x64.exe and the Datagrid Server service account I re-installed WSUS SP2
- Re-applied the patch KB2734608.
- Set the application pool for WSUS to .net4.0
Not entirely sure what was broken and why this process fixed it but it did.