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Tethering shouldn't work through the Ethernet port. The only way I think it might possibly work is using a cross link cable to connect the two devices, much the way you would with old game consoles, or to play PC to PC games when you didn't have a home lan setup. The biggest problem would be to get the two different OS to talk. If the PC sees the FT I don't think a typical bridge connection would work.
I have heard of an app called connectify, but I have never used it.
I don't think you can use both the ethernet port and wifi together...wasn't there some posts about wifi not working when the ethernet port was live some time ago?