I don't know if your ThinkPad is compatible. But I can tell you that my notebook charges.

Yes, but this dock cannot provide the full electrical power that the P1G5 needs. This means that the battery might just charge slower, or the computer will be slower than with a more suitable dock. However, you would probably only notice this when gaming.
Search for Lenovo ThinkPad Workstation Dock, e.g. Lenovo ThinkPad Workstation Dock (Thunderbolt) This connects with a bundled dual cable, which gives more electrical charging power.