Hi JSMD,
I'll chime in and quickly introduce myself because I started homeschooling DS6 in January and have somehow figured out how to make it work with a very active 2 year old in tow.
It does take a lot of time and coordination, but it's much easier than people think when you have a reader and independent/quick learner as your student. We schedule a lot of our labs and heavy 1-1 work when DS2 is napping, and the rest of the time it's pretty easy to give 5-10 minutes of instruction, then let him work on his own for 20 minutes while I'm with the little one. That's what they would have to do in a classroom full of students, anyhow.
We also do a lot of activities outside the house. When DS2 is having his playdates or music class, DS1 does some "homework" on the side. When DS1 is in a co-op or workshop, that's my 1-1 time with DS2. We compact time by listening to CDs in the car (like story of the world or Jim Weiss storytelling). Now that DS2 is two, he's also starting to take part in some of the more fun projects, like art and science.
It's not for everyone, but it is possible if you find that you're interested in pursuing it. If you'd like to talk more about it, please feel free to PM me.
For what it's worth, I had the same frustrations with which way to turn just a few months ago. Know that when you find the right answer, you'll know it in your heart. I wish you lots and lots of good thoughts in finding your family's solution!
