You don't need two targets (you actually don't need targets at all since the spell doesn't target) and yes, you can bring back the sacrificed creature.
In a normal situation Victimize is way better though as you get 2x Zombify for 3 mana instead of 1x Zombify and 1x Raise Dead for 4 mana. There are corner cases where Blood for Bones will be better, but even though I love reanimaton spells I won't play this.
EDIT: Ancestral Blade is pretty good. Basically a 2/2 for 2 that leaves a Leonin Scimitar behind. WIll play it.