Generally molluscum resolves on its own and requires no treatment.  The key is to keep it clean so it doesn't get infected.  If it needs to be treated, such as on the face, a doctor can used various therapies like freezing or acids like the one mentioned.  Acids can be poisonous so all treatments should be provided by a doctor.  

Many things can elevate an infant’s liver enzymes, and should be evaluated by a provider. There are several different liver enzymes and each indicate a different process within the liver. The proper evaluation is determined by which enzyme is elevated, and by how much it is elevated. Small elevations may be normal but should be tracked over time.

Our answer. It sounds like your nephew has a virus that has also affected his eyes.  Usually a viral eye infection, called a viral conjunctivitis, will resolve on its own.  You can clean the eyes with the gentle rubbing of a clean washcloth with warm water.  They eyes are also often red and itchy. You often also have other signs of a cold like your nephew has.  It can be contagious so children should not go to school and everyone should wash their hands well.

However it is hard to distinguish a viral conjunctivitis from a bacterial conjunctivitis.  A bacterial conjunctivitis is most frequently in one eye and can be both itchy and painful. It should be treated with antibiotic eye drops or ointment. For this reason you should have your nephew checked by a provider as soon as possible.

It's hard to tell how sick she is from the description. Good signs are if she is able to drink well, she is urinating, and her playfulness. It is most likely a virus and does not need a hospital. But a virus should run its course by a week.  Her wheezing is also concerning for possible asthma.   So I would take her to her health care provider when they are available. In the mean time give her a lot to drink and use acetaminophen to keep her comfortable.