I'm going to go against the grain a bit Isles and say I don't think it would be impossible to do the travelling role provided that you can live with being away from M regularly (and that is personal and only you can know) and you can arrange consistent, bullet-proof childcare for when you are away, so M has a comforting and consistent routine and knows when you'll be back each time. I don't travel consistently but do spend night/s away from time to time and it's perfectly fine for us and the DC, but they are only ever with DH or my DPs.
However, even if you can put that in place, only you can judge whether it is worth it in terms of salary/progression. I totally get why an organisational PITA arrangement could be in yours and Ms best interests - I genuinely feel it is incumbent on me as my family's main earner to ensure my career progresses so that we continue to have options. It is not simply that I do it for me - I feel a certain responsibility to do it for them too. On the other hand - it's ok to choose not to strive for the next stage sometimes if it's not a good fit with the rest of life. It may well be able to wait. Time is probably on your side, which is not a bad place to be.
Personally I am not sure I could cope with everything in my life plus regular and significant travel. I'm pretty sure that wouldn't be for me. I agree that a degree of permanence in a location is good for stability and if I took a different role then I would move my family so we are all in one place.
If you did it, I imagine it would take a huge amount of organisation and drive to make it work. What if M got ill? A lot to think about I imagine.
As for working at home - I never do it except in emergencies. Can't work, less focus, more distractions and that's without the DC being at home.