HI AJ,
Please refer to following SAP notes for your query resolution.
2146149 - HR GB: FPS corrrections to later leavers, old PAYID and address lines
2215056 - HR GB: FPS Post code check and apostrophe in addresses
The first note will take care of your issue of 1st and 2nd line optional, second note will allow certain punctuation but to be able to check all various punctuation you will have to write user exit, either of above post will help you as they have already touched the base on the subject of User exits.
Hope this helps
KR
Sid