Setting up two  iPod Touches on one account with gift cards for app and in-app purchases

I have multiple devices on one account - 2 iPod classics, one iPhone 3G and two recently acquired iPod Touches for my 8 year old boys.  They want to make in-app purchases (for Dragonville).  They each have their own gamecenter ID.  I want to set up each of them with gift cards for their purchases.  Is this possible?
If not, what is the recommended approach to manage all devices in one place while allowing individual devices to have a seperate payment mechanism?
Thanks.

I recommend that you
Create a NEW account/ID for her using these instructions. Make sure you follow the instructions. Many do not and if you do not you will not get the None option. You must use an email address that you have not used with Apple before. Make sure you specify a birthdate that results in being at least 13 years old
  Creating an iTunes Store, App Store, iBookstore, and Mac App Store account without a credit card
More details of how:
http://ipadhelp.com/ipad-help-tips-tricks/how-to-get-free-apps-from-the-app-stor e-without-a-credit-card/
Use the new ID on her iPod but only for:
Settings>Messages>Send and Receive
Settings>FaceTime
Settings>GameCenter
and Settings>iCloud if you want her to have separate Contacts Calendar and some other things.   
Continue to use the same/common Apple ID for Settings>iTunes and App stores so you can share purchases.
To make sure you only sync the media yoo want, configure iTunes syncing so that only checked media is synced to the idevices.
iTunes: Syncing media content to iOS devices and iPod
Also see:
How to use multiple iPods, iPads, or iPhones with one computer

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