Heads up on custodial accounts--the way my parents ran the house, they set custodial accounts up for my siblings and I. When it came time to apply for a financial aid package for college, the custodial account was considered an asset in the student's name and according to federal financial aid guidelines (at the time) it was expected that 33% of it each year would go towards education. If you build up 100k in that custodial account and they figure financial need based on 33% from the custodial account, it could be years before the student meets the financial need component of many scholarship applications and financial aid packages. Of course, 529's didn't exist back then. I'm sure the financial aid office of your alma mater would be happy to speak to an alumni for a few minutes about how the financial aid system works so you can add that information to how you plan.
Have faith in your parenting skills. If you are involved, your hard work ethic will transfer to your kids. Getting help with my education was like getting a baton in a relay race--the pressure is really on to get farther ahead than when you were given the baton. It certainly motivated my siblings and I.