As a single traveler, I have many times just done carry on. As a mom I havn't.
Your tickets do allow carry ons and if you follow the guidelines no one should (IMO) have a problem with that.
Now back to your original question.
Packing is doable and the plane might be doable if there is enough space and your fellow travelers are accomondating. Where I see the problem is in the airport. You'll have 5 (or more) bags to get through security along with your children. I know nothing of your airport, but here it is still a walk to the terminal often using trams, conveyors or escalators, will your children be handle their carryons? Lastly you have to take those bags everywhere you go in the terminal. That's at least 2 hours of snack bars, bathroom breaks and different windows for plane watching.
I check our bags because of the convenience of not lugging it all, because I know I'll be the one lugging more than just my bag.
Good luck with your decision.
Your tickets do allow carry ons and if you follow the guidelines no one should (IMO) have a problem with that.
Now back to your original question.
Packing is doable and the plane might be doable if there is enough space and your fellow travelers are accomondating. Where I see the problem is in the airport. You'll have 5 (or more) bags to get through security along with your children. I know nothing of your airport, but here it is still a walk to the terminal often using trams, conveyors or escalators, will your children be handle their carryons? Lastly you have to take those bags everywhere you go in the terminal. That's at least 2 hours of snack bars, bathroom breaks and different windows for plane watching.
I check our bags because of the convenience of not lugging it all, because I know I'll be the one lugging more than just my bag.
Good luck with your decision.