We study a two-user multiple-input single-output Gaussian interference channel with limited rate feedback and transmitter cooperation. Each receiver quantizes the channel state information of the direct and cross channels, and sends the codebook indices back to the transmitters through two sum-rate-limited feedback channels. The quantization errors reduce the beamforming gain from the direct transmitter, and cause interference leakage from the cross transmitter. Under an assumption of high signal-to-noise ratio, we first approximate the average transmission rate of each link, and use the sum rate to find the optimal transmit power and corresponding feedback bit allocation. We show that the maximum sum throughput is achieved using full transmit power, and the achievable sum rate under limited feedback is bounded above by a constant. We then extend the results to the case where secrecy is desired. In contrast to the first problem, increasing the transmit power beyond a certain point decreases the secrecy performance. Additionally, we analyze the asymptotic behavior of the solutions when the total feedback bandwidth and the number of transmit antennas grow large. We derive all results in closed form. Simulations validate the theoretical analysis and demonstrate the significant performance gains that result from the use of optimal transmit power control and intelligent feedback bit allocation.