Is it possible to set the rack in the pci low profile?

Not it is not possible to use this in a low profile slot.

Does this work with a 2.5" SSD drive having an mSATA connector?

This unit appears to only work with standard SATA connections. It can be use with standard 2.5" laptop deives. Also, if the 2.5" drive is thin, there will be a fare amount of play when sliding in the 2.5" drive. If this is the case, then the slide in process will require alignment of the drive connection by hand.