First of all welcome.

Second. If you are not going to get into restoring forget the hones. You may need one for brief touch ups but a pasted paddle mat be able to do that and they are cheap.

Third Straps are made of leather and if properly cared for can last long enough for your children to use them.
Alternately you could make your own out of some belt leather for cheap. Although your results may not be stellar.

Send your blades out a good $15 every 6 - 8 months is worth the expense.