I've not done it myself, but close friends have. They moved to rural Mississippi with five kids. They have a pond with fish, a large farm, a few head of cattle, pigs, chickens, etc.
It's hard work, from what they tell me but they seem very happy and they have the most pleasant and well behaved kids you'd ever want to meet. They also home school which has become much more mainstream than it used to be.
The only red flag I see with your plan is what happens if some of your group loves the lifestyle, but others hate it and want to move on?
Is there one person in the group who has unique skills that the rest could not carry on without? Can the remaining members buy out the exiting family member?
Personally, I think it's a great idea and I'd love to hear how it works out for you.