Yes, but there are restrictions in some states/counties. For instance if you live within a certain distance from a school or bar or church it may disqualify your residence. Call the ATF office in your state for more information.
You can use the gift card to buy products and services anywhere in the United States as long as the merchant accepts American Express credit card payments.
Speak to your local city hall about acquiring a business license with limited liability (so that parents can't sue you for your own personal assets). After all, private schools ARE...