For starters, the return over night drive with infants is insanity. Secondly, what are you driving.
Places to see are marghuzar, which is something that can be done in a few hours.
As for night stay is concerned, go to Kalaam, on the way, a place called madiyan, there is a trout park there, visit that, then there comes the town of bahrain,that in its self is a pretty place to have tea and all. then follow that road to kalaam, spend a night there and explore nature there. what you can do is that on your return from kalaam, you can go to another mountain top called malamjaba.
malam jaba and marghuzar can be done in one day, so that is upto you how you plan it.
Another advice, while on the route to swat, don't go through barikot, use the alternate scenic route, via shamozo.
As for stay, depends on your budget