Hi,
... Can TTQV4 be used to georeference aerial photos and then have that calibrated map usable in Arcview or other?...
No, TTQV is no GIS Software, and does not export any other type of
georeferencing. There are some other reasons that would generally
make it a little bit of a problem to import those *.cal files from TTQV.
But if an other software wants to give import a try, we do not mind.
... Also, when you calibrate an aerial, should the projection be set to lat/long geodetic, and if so can ttqv orthorectify the maps afterwards?...
Same as above and no, TTQV does not orthorectify any raster data but
rather uses them as they are. Maybe you would like to have a look
at Globalmapper http://www.globalmapper.com
This software is much more suited for what you have asked here!