Q: Can I configure ip ospf network point-to-point?
A: There is no specific requirement for what to use.
Q: In which OSPF area should I configure my loopback interfaces?
A: It is your choice. An important thing to do is to examine the question for restrictions such as "do not use this or that." If you see no restriction, you are free to configure what you think will be the best solution.
Q: Do I need to able to ping all router interfaces?
A: You should be able to ping all OSPF router interfaces at that point.
