Panglacial Wurm

Creature - Wurm
Trample
While you're searching your library, you may cast Panglacial Wurm from your library.
Chromatic Sphere 
Artifact

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, Sacrifice Chromatic Sphere: Add one mana of any color to your mana pool. Draw a card.
I know this is a classic rules conundrum, but I was just curious about certain special cases.
First, I know that while searching and planning to cast the wurm, you must keep your library in order for reasons such as the potential abuse of Chromatic Sphere (stacking the deck).
Question 1: After announcing the spell (the wurm), I pay using a Chromatic Sphere. Suppose that I have an Elvish Spirit Guide on top of my library. I have read elsewhere that any card drawn with Sphere is considered unknown until resolution of the spell, but since I'm still searching my library, I actually DO know that it is an Elvish Spirit Guide. Can I also use ESG to pay for the wurm? (My guess is no, since it is "technically" unknown.)
Question 2: Timing of announcing the wurm being played. Same scenario, but let's say that instead of drawing a card off Sphere I dredge 4 cards into my graveyard. If other Panglacial Wurms were among those, did I miss an opportunity to announce them and thereby remove them from the library before they get milled? (My guess is again no, assuming that your library behaves like your hand, and you can only announce a second spell after the first is paid for...?)