My DH works rotating shift work, so he's often home during our school days. As far as him working from home, I would say NO, NO, and NO! It could just be us, but there are definitely concentration issues when he's here. It goes both ways, too. Kids are distracted by Daddy. Daddy feels in the way with school. I'm sure it could work (and does!) with many families, but definitely not ours! A significant factor to consider is that we are a large family living in a relatively small house. Maybe a bigger house would make some difference, but I still don't think I'd go for it.
Also, when DH is home, I often feel like I'm getting pulled in different directions. I try to stay on track with school, but sometimes dh has all kinds of questions for me and sidetracks ME with household jobs.