I hope it's possible! I have 1 child (18mo) and starting uni via distance in March. Only one subject per semester this year and then it'll be 2 per semester for two years to get my Grad Diploma. We're TTC as well and I plan to just take it as it comes. If I need to take time off so be it, at least I'll get a couple of subjects done first so I've made a start.
Good luck with it, I'm sure you'll thank yourself for all the effort in a few years time!!