Yes and yes
Ranged touch attacks are both ranged attacks and touch attacks. Rules for either apply to them (be careful about context, though; in some places “touch attacks,” may, in context, be talking only about melee). Rules for firing into melee or cover apply to them.
Note that touch attacks are much easier than regular attacks, particularly at higher levels where armor and natural armor tend to grow, and monsters in particular tend to get bigger, costing them size penalties and often Dexterity as well. By high levels, a touch attack at −8 is likely easier than a regular attack. Even at low levels, it might be true for the guy in full-plate.
So Precise Shot’s a pretty solid feat for people planning on shooting a lot of rays, but it’s not entirely required. You’ll hit a lot of those attacks even if you’re taking −4 or −8. But definitely worth taking if there aren’t particularly crucial feats you need to get.
Note that Point-Blank Shot, though a terrible feat on its own and almost-purely a tax on getting to the good stuff like Precise Shot, does apply to magical attacks (that meets its other conditions).