Katrina,
I think your plan sounds like a good one. From what you've shared, it sounds like your 7 year old is ready for Bigger Hearts. If you do get underway and find it is too difficult, you could always move to the back-up plan which would be to combine both your older two in Beyond.

However, I do find that it is often true that the oldest child is ready to be more on his own both maturity and independence-wise and that the second little one in line functions well out from under the shadow of the older child. We have found this to be true at our house as well.
So, with that in mind, I do think your second and third kiddos would combine well in Little Hearts with the addition of some of the right side of Beyond for your 6 year old. This brings up the quandry of what to do with your 6 year old right now so that he continues moving forward.

With this in mind, I would definitely have him sit in with the Storytime part of the plans from Bigger Hearts with your 7 year old each day. This will expose him to great literature and cover that portion of the reading standards.
I would begin Beyond's spelling list 1 with him now, since he is reading so well. Then, next year, he can finish the spelling list 1 and move on to spelling list 2. I'd wait on the gentle grammar lessons in Beyond until next fall. I would also add a handwriting workbook for him in addition to the Explode the Code right now. This will help build his fine motor skills. I'd lean toward A Reason for Writing A (if he is able to write words and a sentence at a time).
Last, I would consider having him help be the teacher's helper for your LHTH time, just to see how he mixes with your 4 year old daughter. Plus, this will give him a Bible time every day with good reinforcement in many areas. If you feel that this will be too far "beneath" your son, then another option to consider (which could be the best option) would be to have both the 4.5 and the 6 year old begin Little Hearts now at half-speed. You could then save Little Hands for the little ones for later then.

In this way, you could do Little Hearts half-speed to finish out this year and then do it full-speed 4 days a week next year.

The only way I suggest this is because you mentioned that your daughter seems like she could be ready for The Reading Lesson. If she's ready for that it is possible she could take something from Little Hearts at a very slow speed.
If you do consider this option, here are some links that may help as you ponder.
viewtopic.php?f=6&t=5818
viewtopic.php?f=6&t=5600
Feel free to pop back and share your thoughts.
Blessings,
Carrie