The first characters are Gibbly Todd (my 10-yr-old daughter's Halfling), Gruffydd (Lead Addict's dwarf), and Dullwyn (My 8-yr-old son's Elf).
More of the Basement Generals will be making PCs too. But I've had a blast playing with both my kids and Lead Addict's, in an adventuring party who's average age is about 8.
I forgot how fun the original D&D rules are. The mechanics are simple, and it becomes more about the tale.