you can definitely review if an inelligble player touched the ball

Passes
ARTICLE 2. Reviewable plays involving passes include:
a. Pass ruled complete, incomplete or intercepted anywhere in the field of play or an end zone.
b. Forward pass touched by a player (eligible or ineligible) or an official.

also
ARTICLE 3. Reviewable plays involving potential dead balls and loose balls include:
H. Catch, recovery or touching of a loose ball by a player in bounds or out of bounds.

http://www.ncaapublications.com/productdownloads/FR17.pdf
(not sure if that is a static link)


and found this about overturning targeting. Looks like it has to come from the national director of officials
If a player is disqualified in the second half, the
conference has the option to consult the national
coordinator of football officials who would then facilitate
a video review. Based on the review, if and only if the
national coordinator concludes that the player should
not have been disqualified, the conference may vacate
the suspension. If the national coordinator supports the
disqualification, the suspension for the next game will
remain.