It's never a bad idea to be prepared. I read about homeschooling for about a year before I talked DH into even considering it. Basically, I wore him down!
I think it is important to remember that no decision has to be forever. You can make plans year by year, according to how things are working out for your child and your family. The exception might be if you give up a slot in a selective school- your child may not be able to return. But public schools are always there as a fall back, and many times the public schools are more flexible about accommodation than their highly priced counterparts.
To begin homeschooling, you don't really need much more than a library card and reliable transportation. Take your time locating resources and don't be tempted into buying expensive curricula before you really understand all the options. A very common newbie mistake is to buy the right program at the wrong grade level, or something that is a total mismatch for your child. Even within the same family and at the same level of intelligence, you can't assume the kids will react the same way to a particular program.
