1)
Will guarding Mitzvos give life?
1.
Malbim: Yes - "Ya'aseh Osam ha'Adam va'Chai Bahem" (Vayikra 18:5). It is the light of the eyes, which shows to him the path to go on.
2)
What is "k'Ishun Eineicha"?
1.
Rashi: Like the black of the eye. It is like darkness, like Ishun Laylah.
2.
Malbim: Just like one guards the black of his eye, lest he become blind, so one must guard the Torah, his intellectual eye, with which he sees light.