It can be done!
I did some research and found some good articles online, as this may be the situation I find myself in soon.
The key is flexibility. Flexible schedules, and thinking out side the 9 to 5 box, open up a whole world of possibilities.
Who says school must be done between the hours of 8am and 3pm?
We often do school work in the evening, on weekends, and through holidays. We also do not take the summers off. We got an incredible amount of work done last summer, and the kids still had plenty of time outside with their friends. Sticking to a schedule all year long helps everyone stay on track, and does wonders for keeping the "Mom, I'm bored's" away. My family just functions better when we are busy.
One article says to think of yourself as a business manager or coach to your kids. Setting mutually agreeable goals, and over seeing their progress.
Homeschooling is really most effective when it is approached that way. Your kids take an active role, and take responsibility for their education. Your help and encouragement keep them on track, and their confidence and love of learning grows. They learn to think for themselves, not regurgitate a lecture.
Many times homeschoolers who try to do 'school at home' burn out quickly. Kids just do not learn best that way, and can lead to frustration for everyone.
Madeline has taught herself math this year. She reads the lesson, does the practice problems, then corrects her own work. I test periodically, and she does remarkably well. She looks forward to math everyday, and has a real sense of ownership over her work.
Don't underestimate what your kids (and you!) can do. I'm keeping this all in mind as I begin planning for next year...