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If the kids can't buy books, then you have to de-register the Kindles after downloading books. They can't "update" the "check-out" count without re-registering, so that Amazon can "see" that the book is deleted. They can't download a book without being registered to an account, either. I'm thinking you won't be happy having to constantly register and de-register.
You may be able to control purchases by removing the credit card after initial registration, and adding gift cards as needed to purchase books, but if there is a gift card balance, any Kindle registered to the account will be able to purchase any book that costs less than or equal to the balance.
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