I've got a feature slider setup that pulls in posts which are labeled 'feature'

$my_query = new WP_Query(array(
  'showposts' => 3,
  'tag'  => 'feature' ));

It's possible to draw posts AND pages? I understand you are able to draw pages with 'post_type'=>'page' but could you mix the 2?

You are able to specify an assortment value for that post_type parameter, as a result:

$my_query = new WP_Query(array(
    'post_type' => array('post', 'page'),
    'tag'  => 'feature'
));

Check this out page for more information: WP Codex

@fivedigit Thanks however i opted for this ultimately:

$my_query = new WP_Query(array(
    'post_type' => array('any'),
    'tag'  => 'feature'
));

Although your version may prove useful later on!

I'm attempting to create 4 featured posts around the top of the page, would I create an assortment, then choose the main one I would like in every div after that?