Magento - Get Custom Option Value details from Option Value ID

Question

I have some intriguing questions related to Custom Options of Product:-

1. Is there any difference between Options & Custom Options? This is because I have foun

Answer 1

A similar question was asked here:

get selected custom option price for simple product in observer

I gave the following answer there:

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If you have the option value ID you can also do I direct query to get the option price. I know this is not completely the Magento way and you might have to do some custom calculating (for procent prices for example), but you could do something like this:

$optionValueId = 1234; // replace with you option value ID

$resource = Mage::getSingleton('core/resource');
$connection = $resource->getConnection('read');

$optionvaluePrice = $connection->fetchRow(
    sprintf('SELECT * FROM %1$s WHERE option_type_id = %2$d', 
        $resource->getTableName('catalog/product_option_type_price'), 
        $optionValueId
    )
);

Sadly, Magento doesn't seem to have a model to load a single option price separately.