This is sort of a two part question:

1) In one construction of $BP$, the Brown-Peterson spectrum, one uses this idempotent map of Quillen's, $g:MU_{(p)}\to MU_{(p)}$ and from what I can tell, the image of this map is $BP$. I have not worked through the details of this carefully. I guess the main idea is just using Brown representability on the cohomology theory $g^\ast(MU^\ast_{(p)}(-))$. Anyway, what happens if, instead of looking at Quillen's idempotent map, we just look at the localization map $MU\to MU_{(p)}$? Would the cohomology theory and formal group law thereby produced give us the same information as $BP$ but just in a much more unwieldy form?

2) In general, what effect does localization (at a general homology theory) have on complex orientability, and are there interesting cases in which such orientability is preserved and produces interesting formal groups?