1. Let's say I capture and release a figure with Lazurus pit on them can they still use Lazarus pit to come back?

2. Let's say my opponet is using a wild card team let's say I capture Sue Storm can they continue to copy the FF team ability (assuming no one was using at the time of the capture)?

No. If you have captured and released him, that figure is removed from the game.
No, Sue is considered off the board at that time. They could use Ben's 17 defense while she is in the Sentinel's grasp, but not Sue's 19 while she's in the Sentinel's grasp.

Where can I find this in the rulebooks?

I'm not sure if they are in the rulebook or just in the Sentinel/Sinestro rules. I know the Sen/Sin rules talk about it though. And look at the wording for Laz Pit. It talks about removal from the game, and that's what being released is... removing a figure from the game. And you cannot use any powers or team abilities on a figure that has been captured. They are considered off the board, just as if they were being carried during a HSS attack.

Check the Sentinel rules.

The question to #2 is clearly in the Sentinel rules but #1 I'm not so sure about in the Sentinels rules it refers to released characters as KOed.

There's a difference between getting captured and released (which is an immediate KO) and just a regular KO. Nothing happens when you are released from a Sentinel. It is immediate. No F4 healing click. No Suicide Squad healing roll. No Lazarus Pit. Sorry... they just do not activate when a Sentinel releases a figure.

With regards to the Lazarus Pit question, ask yourself this: If you could use Lazarus Pit after a character was captured and released, where would you put the token and (eventually) return the character? The square in which it was captured? The Sentinel's starting area? Which square within the Sentinel's starting area? Somewhere else entirely?

You will not find the answer to this question anywhere within the rules because, as Funky has already stated, it can't be done.

What's funny is this situation happened to me and we mistakingly agreed that the player could use Lazurus pit. He put the token next to my Sentinel in the starting area and then I cornered the token with two Sentinels and as soon as Superman came back I captured him again.