Hazelight Studios - 2 Halloween Costume Ideas
This tag covers It Takes Two's central couple, May and Cody, a pair of parents shrunk down and turned into living dolls over the course of the game. Their design is playful and toy-like, built to be worn as a matching set.
This one really only works as a duo, doing May or Cody alone loses the entire point of the reference, since the whole game and costume concept is built around the pair.
Not effectively, the reference depends entirely on both May and Cody appearing together as a couple.
No, both characters have a simple, toy-like design that's easy to approximate with basic clothing and craft materials.
No, though it helps to look up reference images since the doll-like design isn't something people recognize from general pop culture.