Nothing ventured, nothing gained. I think you guys should give it you're best shot, you'll not have regrets if you just go for it. If you don't do it, I guarantee in a few years you'll start wondering 'what if'.
We're chewing over the possiblity of chucking in Auckland and starting again somewhere else in NZ, in a few months - so you're not alone.
Everythings a gamble in life, but it sounds like you'll be making a huge difference to your lives in the long run.
We're thinking of moving to the South Island (where family are), giving the kids the start in life that we want, finding housing that's more affordable etc etc!
Good luck and go for it!
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