Can I block all contacts from my daughters phone except for me and her father?
Currently no without voiding warranty from Apple/Verizon.
Not all but 20 using family base plus you can put time restrictions. Set data limits. Get alerted when she adds a new contact.
http://m-support.verizonwireless.com/mobl/features.tp_2.faqs_faqs%7CFeatures%20and%20Optional%20Services%7Cfamily-base.g_all.f_all.html#family-base6