Quantum Channel Decoding
First, your two criteria (that it is a quantum channel and that for all input states, the inverse channel gives the best approximation of the input state) aren't compatible. If they were, then the optimal inverse channel would be independent of whether you choose to optimize the worst-case fidelity or the average-case fidelity. It's not. 

There are quite a few papers on this question. Here's one Andrew Fletcher, Moe Win, and I wrote. It shows you can use a semidefinite program to optimize the recovery channel when the criterion to be optimized is the entanglement fidelity, and you assume a specific entangled input state and a specific channel $\Phi$. You should be able to find other papers by looking at our bibliography and using some forward citation tool.