Sure! If you have both health care and child/elderly care expenses, you can contribute to both LPFSA and Child & Elderly FSA. During setup, you'll be able to choose separate amounts for each type. However, you can't transfer funds between the two accounts.
You can start using your Limited Purpose FSA on the first day of the plan. The entire annual contribution amount (including employer contributions, if any) is available on that date, and is repaid incrementally through deductions from your paychecks over the remainder of the plan year. However, you can't use your LPFSA to pay for expenses that occurred prior to the start of your LPFSA.
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