I think the Loeb Classical Library editions are a better investment: reasonable translations facing solid (but usually not definitive) scholarly editions of the original. Sometimes you'll want another translation (e.g. Fagels for the Odyssey and the Aeneid) as well, but overall, you can't go wrong with the Loeb editions.
It is a pity the kids don't get at least Latin and a few years of Greek anymore, but I would settle for a curriculum that was solid in translation of the Latin and Greek philosophical, historical, and literary work, and included the kind of grounding in the history of the Roman republic that the founding fathers got. If I had to scrimp anywhere in history, I think I'd go light on the middle ages, but with the resurgence of radical Islam, perhaps more attention needs to be given to the fractious response of the Christian Near East and North Africa to the rise of Islam.
Thanks for the Loeb recommendation.