Homeschooling at that age doesn't necessarily take that much time. We live in NY and the curriculum requirements for 1-6 grade are ridiculous. IMO, the first couple years should just concentrate on learning to read and write and do some math. Science, health, SS, and all, can be done very informally. There's only so much a 5 year old with a limited concept of time (history classes) and abstract thinking (Social studies, government, etc) can handle. My kids are real bright, but even at that age, some things are just beyond them. See what you can do, even if it's only for a few years. It'll help.
One of the great myths of homeschooling. It actually takes less time, for me. I can be talking while I make breakfast, and we are all still in PJs.
Most of my kids have done both and public school was much, much harder, not to mention ridiculous, for the short time we tried it. I well recall my oldest daughter coming home with 4 completed art projects and all of her math and language to be done - at home. At which point I figured - why not just do it all myself?