I have a 1 & 3 year old nephews, they are really pretty good with my fur babies, granted they are a bit bigger, but my little guy is 7lbs full grown, he's pretty small with little itty bitty bones. I teach the children all the time how to respect and behave around the dogs. Not to pick them up, not to yell in their faces, not to throw things at them, step on them, etc.... its a job to be on top of them but it's beginning to be worth it because the dogs are starting to like them and allow them to pet them nicely, take treats from them. I teach the kids to make the dogs tail wag, and when the dogs tail is not wagging (ie - tucked between his legs) that they made the dogs sad. My 3 year old nephew is sooo sensitive and this seems to work for him, he hates thinking he made the dogs (or anyone for that matter) sad!
It can be done.
Best of luck and just make sure you protect every living thing in your house.