Is it possible to control the amount of blogs a user can have with subs plans.?
No, not at this time since the blog create limit can't be set per user. Feature already planned to allow for the create limit to be based off of a field, which would allow for this.
Or subs plans controls the k2Blog category's field to select 1 category is plan 1 and to select 2 categories is plan 2 or select plan 2 and 1 and have 3 blog categories to blog in.
Yes, that's doable. As long as you're using Joomla or K2 models then the categories available are however you set them up within Joomla or K2. Access checks on those categories are respected so you'd need to configure those categories so they can't access them. For Internal model there is no access controls for categories at this time.