Hi TwinDaddy,
Welcome to SEBLOD.
Interesting question. The way you have detailed it there, as far as I know, is not possible with SEBLOD in an elegant way. You could do a 'butcher' job by creating numerous fields, and then using conditional formatting to choose how many to show X amount of fields. But this would be very very tedious and not a nice solution.
Instead, I would do it the opposite way round. Where you use a Field_X field to put in the childrens names, and then you could perform a count on the Field_X field array using a template override to count how many items they entered and display that number. That's the way I would do it.
Cheers,
James