Hi
If you select the polygons you want to cut before usingthe knife tool then only they will be cut. Depends on what you're modelling as to whether this is the best way to go about it though.
As far as editing points goes, if you select a point in one of the orthoginal viewports you select every point occupying that 2-d space so if you're looking to select a single point, use the perspective view - also check to make sure you have symmetry turned off.
Cheers
:beer:
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