Yes, Besides the Hemdale English dub there was an earlier English dub made for this movie with an entirely different cast of voice actors. This English dub of the film is however a rare version to find.
They are in fact the very same type of bug. Woodworms are only refered to as bookworms due to their ability to eat through literature.
As mentioned by Pico, Woodworms aren't classified as insects, they are in fact larves.
Christopher Columbus decides to go on a journey to prove that the Earth is not flat. His companion is a smart wood worm who's on a quest of his own: to save a beautiful fairy princess from the evil lord Swarm and his insect army.
