Can this tree be grown in a large planter pot, if I don't want to grow it in the ground? And if it can thrive in a large planter pot, will it flower and set seeds in a planter pot?
Sure it can. Almost anything can be grown in containers. The down side is that container gardening requires a lot more of your time and effort (watering, fertilizing, etc) and you must repot things grown for more than a couple of years (timing depends a lot on what potting medium is used) in containers.
If you haven't read Al's threads in the Container Gardening Forum, I would HIGHLY recommend that you do. This series of threads is by far the most popular thread of all time on Gardenweb. It's had over 2000 posts so far! And, many other posts all over GW reference Al's contribution.
Here is a link that might be useful: Container Soils - Water Movement & Retention