That's a tough situation. DS5 is very into the computer, but we definitely limit it. If he has a bad day at school (determined by his color changes) he loses computer and TV for the day. It doesn't happen all that often but at least once a week lately. He does go on computers every day at school because he has a program he does on it and they let him play puzzle games apparently but that is another story. He LOVES the computer, but I know that is what he loves so that is what we have to take. Thankfully DS doesn't argue and try to get us to change it ever because he figured out that we never have taken back a punishment that we gave him (although we have occasionally lessened a punishment due to marked change in behavior). He does whine and fuss about other things though and can be quite emotional....this used to be really bad but has gotten better in the last several months. If you don't want to take computer away completely you can also limit the time. He could lose time for certain offenses. Or he could only do educational type things at times. My DS loves those puzzle games and while they are educational and visual spatial and math oriented, I still limit them because there are other things that he can do on the computer and he often won't branch out unless he has to.
I think since hitting is so serious, it's important to have a serious consequence, but you also need to get to the bottom of what is going on and what is making him feel like he needs to hit. That's harder. Sometimes these kids, and lots of kids in general, go through stages where they feel really strong emotions and aren't sure how to handle it and need to be given other ideas.
Anyhow, good luck to you! I don't know how you do all that you do with those kids, your business, homeschooling. It makes me tired just thinking about it.