Hi Nathan, hope you are doing fine.
Let me reply all your questions
We currently have a single vCenter server (7.0.2) with 1 cluster and we are planning to add 2nd vCenter server and cluster at another site.
This second cluster will be for both production VMs and also for DR for the 1st site. We still haven't decided on how we will do DR but it will most likely be involving SAN to SAN replication and SRM.
This is fine, another option worth considering is Veeam REplication.
Is it recommended to use link mode with vCenter in this situation or should we leave the two vCenter stand alone. Also in linked mode what happens if one of the vCenter servers goes down?
I don't know the official recommendation from VMware, but using linked mode would give you the ability to manage bioth vCenters from a Single Interface.
When a vCenter on Linked Mode goes down you will be able to manage the other, but not both at the same time.
We will sometimes need the ability to migrate VMs between sites but my understanding is that this can be done with or without link mode.
Please check the requirements for cross vCenter migration here:
Cross vCenter Migration and Clone requirements in VMware vSphere 6.x and later (2106952)
Please note that linked mode will be required.