Don't sell the Bay Cove pool short - my kids (10 & 13) say its their 2nd favorite waterslide, outdone only by the pirate slide at SAB. But if you don't like that pool, then yes, you can use the pools over at the CR. You can also hop on the monorail and pool hop to the Poly & GF, or take a boat over to WL. All of the pools have games and activities throughout the day, just like at BC & BW.
There is also a community hall, and of course, TOWTL, which is my absolute favorite place to view Wishes. That's providing you are a DVC owner. Kids can also use the arcade at CR, and there are movies each night on the grassy area between CR & BLT.
Although my kids are not little (14 and 17) so our experience of the pool is a bit different. However the area is very nice and we enjoyed our time at the Cove Pool although I will say it is a bit small. We used the CR pool as well just to change it up a bit, didn't feel like pool hopping at other resorts, but definately that is an option and an easier one with the monorail. At both pools there were plenty of games and all the kids definately were having a good time. The CMs at both pools were great. I personally don't feel it compares to SAB at BWV but I don't think any of the other resort pools do. However I think your kids will enjoy their time at the Cove Pool.
I also thought the Bay Lake pool looked very boring but I can tell you it wasn't. My kids (and husband) had endless fun on the slide, then they start the poolside games in the afternoon.