With unlimited time, a great cinematographer could light beautifully with any kind of lights; however, on set you're always in a time crunch, so the cinematographer must choose the fastest, easiest method to get the look he/she wants. That's what makes an Arri fresnel different from a hardware store work light.
So, to answer your questions:
1) He could still make the movie, but setup may take longer and be more inconvenient.
2) Good lighting certainly comes from the "lighter." A novice with unlimited professional equipment couldn't light a scene as well as a pro with hardware store lights.