(a) For the fundamental group use Seifert-van Kampen. Note that you can divide the sphere plus the line into opens $U$, which is the line and the line of longitude plus a little bit, such that it is open, and $V=S^2$ plus a little bit, such that it is open. Then $U\cap V$ is homeo to a disc, hence $\pi_1(U\cap V)=0$.
By deformation retraction we get $\pi_1(X)=\pi_1(U)\ast\pi_1(V)=\pi_1(S^1)\ast\pi_1(S^2)=\mathbb{Z}\ast0=\mathbb{Z}$.
(b) In deed $H_n(\mathbb{R}^3\setminus X)=H_n(S^1\sqcup S^2)=H_n(S^1)\oplus H_n(S^2)$ by deformation retraction. For the second "=" see e.g. Homology of disjoint union is direct sum of homologies.
We conclude $H_n(\mathbb{R}^3\setminus X)=\begin{equation}
\begin{cases}
\mathbb{Z}\oplus\mathbb{Z} & \text{for } n=0 \\
\mathbb{Z} & \text{for } n=1 \\
\mathbb{Z} & \text{for } n=2 \\
0 & \text{for } n\ge 3
\end{cases}
\end{equation}$.