I have three questions actually:
Sorry for the long list, but in the interest of learning, I would like to explore both the approaches.
I can't believe no one has answered this yet! A rare occurrence on SO!
The question doesn't quite make sense to me. But I'll give it a stab. If you're asking about direct drawing to a canvas (polygons, shading, text etc...) vs. loading a bitmap and blitting it onto the canvas that would depend on the complexity of your drawing. As the drawing gets more complex the CPU time required will increase accordingly. However, blitting a bitmap onto a canvas will always be a constant time which is proportional to the size of the bitmap.
Without knowing what "something" is how can I show you how to do it? You should be able to figure out #2 from the answer for #3.
Assumptions:
You want them both overlaid from the top left corner.
private Bitmap overlay(Bitmap bmp1, Bitmap bmp2) {
Bitmap bmOverlay = Bitmap.createBitmap(bmp1.getWidth(), bmp1.getHeight(), bmp1.getConfig());
Canvas canvas = new Canvas(bmOverlay);
canvas.drawBitmap(bmp1, new Matrix(), null);
canvas.drawBitmap(bmp2, new Matrix(), null);
return bmOverlay;
}