A73 "You can use this melee touch attack up to one time per level." Doesn't say anything about single attacks per round.
(edit) I should also point out that Bouncing Spell is not going to overpower the game in its most lenient interpretation. After all, instead of using a bouncing level 1 spell in a 2nd level slot, you could also be using a level 2 area effect spell and save the feat for something else. So I'd allow it: it's cool and not unbalanced.