Unless you really WANT them to come along, why not just say "No, thanks!"? I never understand why people who don't really want to travel with friends feel they have to make concessions or make excuses. It's your trip. They have the right to ask, you have the right to say NO.
You say a few things that make me think you really don't want them to join you (you say they're going to 'tag along' rather than saying 'we're traveling with friends' and you think your friendship might end if you vacation together). I think you're very wise to have those worries. Listen to your gut feeling.
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I appreciate what you're saying. We've travelled with the lady before any of us had children. We enjoyed those vacations and therefore think it could be fun - in concept - to vacation with her again. I just wanted to hear success stories so that I could pattern them. And I wanted to hear the horror stories to be entertained and to not pattern them!