If I understand your question properly, then I think much is known. Let me sum up what I understand about this picture.

First a short answer to your question. Contrary to what you ask for, it is not expected that the dimension of a subspace of $H^{1}$ cut by local conditions should express the order of vanishing of the $p$-adic $L$-function.  

Let us start with Bloch-Kato conjecture. This conjecture can be interpreted as a description of cohomological invariants of motives using special values of the $L$-function (many people think of it in the converse way, as description of special values of the $L$-function in terms of Galois invariants). The first question to ask is "which cohomological invariants are we trying to describe?" and the most reasonable answer is "the complex $C$ of motivic cohomology with compact support" (not known to exist in general). Then the order of vanishing of the $L$-function gives the Euler characteristic of $C\otimes_{\mathbb Q}\mathbb R$ whereas the $p$-adic valuation of the principal term of the $L$-function (divided by the period defined in Bloch-Kato) is a $\mathbb Z_{p}$-basis of the determinant of $C\otimes_{\mathbb Q}\mathbb Q_{p}$ (more precisely, of the inverse of the determinant). Even though you knew all this already, I found it necessary to recall it in order to state what forms the IMC takes in this context.

Assume now that our $p$-adic Galois representation $V$ comes from a pure motive and is crystalline at $p$ (I realize that you don't want to make such a strong assumption, but I think all I will say will continue to hold, at least conjecturally). As pointed out in comments already, and as you know, the IMC will say something about the interpolation of the Bloch-Kato conjecture in a $\mathbb Z_{p}$-extension (or more generally in a universal deformation space). I will discuss here only the case of the cyclotomic $\mathbb Z_{p}$-extension. Inside $D_{cris}(V)$ sits $D^{\phi=p^{-1}}$. Let $e$ denotes the dimension of this space over $\mathbb Q_{p}$. Then the cohomological object described by the special values of the (putative) $p$-adic $L$-function is the Selmer complex $S$ of $V$ with the unramified conditions at places $\ell≠p$ of ramifications of $V$ and with the Bloch-Kato condition *at the level of complex* at $p$.

Based on Bloch-Kato, we should thus expect the Euler characteristic of $S$ evaluated at a character (this is to say of $S\otimes_{\Lambda}\mathbb Z_{p}[\chi]$) to be the order of vanishing of the $p$-adic $L$-function and the $p$-adic $L$-function to give a basis of $\det_{\Lambda} S$. Alas, things are not so easy, because of the infamous trivial zeroes phenomena. So what you can show (possibly assuming plausible conjectures or restricting yourself to rank at most 2 along the way, I'll make an effort to state something really precise if you need to) is that, under Bloch-Kato, the Euler characteristic of $S\otimes_{\Lambda}\mathbb Z_{p}[\chi]$ is equal to the order of vanishing of the usual $L$-function twisted by $\chi$ (as expected) plus $e$ (this is the contribution of the trivial zeroes) $\textit{provided}$  the $\mathcal L$-invariant does not vanish (this is, or should be, equivalent to the semi-simplicity of the complex giving the local condition at $p$).

All this having been said, perhaps you want a concrete answer for a concrete representation. In that case, nothing is simpler than a brave old ordinary representation. For ordinary representation, the local condition at $p$ for the Selmer complex $S$ is simply $R\Gamma(G_{\mathbb Q_{p}},V)$. Hence, the order of vanishing of the $p$-adic $L$-function at a given $\chi$ should simply be the order of vanishing of the $L$-function plus the dimension of $H^{0}(G_{\mathbb Q_{p}},V^{*}(1)/F^{+}V^{*}(1))$ plus or minus simple terms (like the zeroes or poles of the Gamma factors). This reflects the fact that in the generic case, the order of vanishing of the $p$-adic $L$-function should be the dimension of the first cohomology of $S$ (which is not a subspace of $H^{1}$, hence my word of warning at the beginning).

Hope this helped somehow.

Now, let us move on to your second question. I think that if you knew only the IMC, then you couldn't say much about the order of vanishing part of Bloch-Kato. However, if you knew the IMC as well as non-degeneracy of the $p$-adic height pairing (required to formulate the Equivariant Tamagawa Number Conjecture) as well as the Equivariant Tamagawa Number Conjecture for each layer of the cyclotomic extension and/or the vanishing of the $\mu$-invariant, then the order part of Bloch-Kato would follow. Here is how I would try to prove this. First, I would define $S$ (no problem here,as we are in the ordinary case). Then I would construct a canonical trivialization of this complex at each finite layer using the non-degeneracy of the height pairing. Then I would use the ETNC (or I would deduce the ETNC from the IMC using the vanishing of the $\mu$-invariant) to show that the image of the determinant of $S$ at a finite layer under my canonical trivialization is really the value of the principal term of the analytic $L$-function (perhaps times the $\mathcal L$-invariant, but I would know this to be non-zero by semi-simplicity of my complexes). In this way, I would manufacture a complex $L$-function which would agree with the ordinary $L$-function at many (not necessarily classical) points (this would presumably require the IMC and ETNC not only for the cyclotomic extension but for the Hida family containing $E$) and would thus be equal to it. Now, I would know the order of vanishing of my algebraic complex $L$-function at a classical point, so I would know the order of vanishing of the complex $L$-function as well so (finally!) I could check Bloch-Kato.

So, yeah, if you knew the ETNC for the full Hida family and/or the vanishing of the $\mu$-invariant plus the non-degeneracy of the $p$-height pairing, you can, I think, collect the order part of Bloch-Kato as a bonus. Perhaps a moment of sober reflexion is in order now. 

Again, hope this helped (but doubt it somehow).