iPod touch Multiple Apple IDs on one computer?

I did some quick searching and didn't come across this so I apologize if this has been answered somewhere else.

I'm getting my daughter an iPod Touch for Christmas and I'd like her to have her own iTunes account / Apple ID. Can we manage that account from one computer, which is a Macbook, that I use for my iPhone, Apple TV and iPad?

I'm not necessarily looking to share applications or music, but I would like to have a little bit of control over the device.

Her mother and I are divorced and I really would like to use FaceTime to talk to her. She's very familiar with iOS using my iPhone and iPad. I want her to be able to download her own applications without using my iTunes account. I plan on setting up her own account and funding it with iTunes gift cards. I don't mind her downloading free apps but I don't want her going hog wild with pay apps on my account. Too bad there isn't a parental control in iOS that says all free apps are good but pay ones need a secondary password or something like that, allowing us to use the same iTunes account / Apple ID.

Thanks in advance for the help.

Chris

Darn! A little more searching turned this up -

http://support.apple.com/kb/HT1589

Sounds easy enough.