End-to-end solution for managing 2 kids' iPods from one computer/iTunes?

Question

I'm sure this has been asked many times, but the only answers I can find address only one piece of my situation.
Situation: iPod for minor son, iPod for minor daughter. One computer, one iTunes account. Each earns gift cards for their music. Each needs to put their selections on a wish list so I can review and approve them before they can buy them.
Problem: How to get iTunes to open to their library for their iPod, let them redeem their gift card for their music, and create their own wish list from the one family computer, all independent of each other (except for me, who has to ensure age-appropriate choices).
I understand how to create two libraries and the kludgy way to switch between them (BEFORE connecting the iPod). While that is a solution, it's appallingly unfriendly for an Apple solution. Question 1 - is there a way to set up iTunes to launch (in Windows) with a command line switch or something so that I can create a shortcut for each child so they don't have to remember "oh, yeah, shift-double-click iTunes, select my library" or have me there to do it for them every time??
Second, is there a way to keep gift card balances separate in the iTunes account, so that each child can redeem their gift card and use what they want without using the other's balance?
Third, and maybe this depends on the answer to (2), is there a way to set up separate wish lists in a single iTunes account?
It seems that the ultimate answer would be to allow the iPod connected to determine which library got used (automatically), and that each iPod had its own "space" within the iTunes account to handle gift cards and wish lists, so that I only have to log in one place to review and approve the songs my kids requested.
I'm sure someone has solved this -- any suggestions?

Answer 1

Question 1 - is there a way to set up iTunes to launch (in Windows) with a command line switch or something so that I can create a shortcut for each child so they don't have to remember "oh, yeah, shift-double-click iTunes, select my library" or have me there to do it for them every time??
No. The most practical way to allow children to each have their own, fully separate iTunes Store account is to set them each up their own user account in Windows. Then when they log in they'll have access only to their own iTunes library and iTunes Store account.
Second, is there a way to keep gift card balances separate in the iTunes account, so that each child can redeem their gift card and use what they want without using the other's balance?
You will need to open and maintain separate iTunes Store accounts, which if you're attempting to use a single iTunes library will require logging out of the iTunes Store and back in for each child.
Third, and maybe this depends on the answer to (2), is there a way to set up separate wish lists in a single iTunes account?
Not in a single iTunes Store account, no.