It's going to be tough.  Speaking from my own b-school experience, i don't think you'll be able to handle either kids n the first year.  During the second year, once you have landed a job, it'll be cruising from there on out, you can then reunite with your kids.  MBA is a significant investments in time and money, if you spend all your time on family, you'll miss out a big chunk of the b-school benefit.  Basically it's going to suck the first year, but once you get through it, i think it'll be worthwhile.  I would keep the baby.