Just make sure you check your school policy. In our district if you take them out of school for a vacation it counts as an unexcused absence. Its up to the teacher whether or not they want to give the makeup work/homework/tests. If they don't the child gets a zero on everything they missed while out. I took my kids out when they were little (we didn't have the policy then) but certainly wouldn't do it now. I think the elementary school teachers are more willing to work with you than the middle or high school ones as their is only one teacher.
Our district starts "co-teaching" full time in 4th grade(2 teachers for the price of one). It wasn't any problem as they both had to sign off on the unexcused absence sheet.