Re: Kid overboad plan
My initial answer began with a joke because I didn't think there would be this much discussion on the subject. Sorry for that.
As others have posted above, they are correct. Never allow anyone to go into the water after a man overboard. Period. In a worst case scenario, you would lose not only your child but also your wife. Devastating.
In Canada, it is illegal to tow a water skier without a spotter in the boat. The reason is common sense, you can't be watching behind you while also steering the boat competently. The same logic works for MOB. Your wife needs to be onboard in order to act as a spotter - panic'd or not, it's her mother's duty to keep her eyes on the kid. FWIW, the kid should also practice watching and pointing at the MOB during any sort of drill you do; Make it a game and he'll get the idea and the training may save you or your wife one day.
As I said in my original post, the MOB procedure remains the same whether it's a kid or adult. Pick the procedure that works for you and practice.
(Remember the 3 most important rules of sailing, "Stay on the boat, stay on the boat, stay on the boat".)