No, true parental control like you whish isn't available either in Messenger Plus! Live. It would actually not be very bullet-proof either as you could simply not run Messenger Plus! when you use MSN Messenger or Windows Live Messenger, so there is little point adding it too. The log system still works in the same way, btw.
If you want parental control I suggest to use special designed programs for that which run on top of everything and give your child only access to certain things. Some parental control programs also log internet data traffic (no matter what IM program you use to chat), keystrokes, etc.
The line between a good parental program and spyware/keyboard loggers is actually very thin though 
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