delta.com is currently selling this as a valid connection --
DL228/DL8618(AF1504). I'm pretty confident they wouldn't sell it if it didn't meet the MCT.
It looks like there are around 6 later flights on AF to FCO and 3 later flights on AZ. I'm pretty confident that even if you miss your flight, there are more than enough other later options to get you there on the same day on the same flight. I'd probably just go ahead and keep the flights and just be aware of the alternatives in case you miss it. Yes, you may have to split up your family between the two adults, but your kids are not that little and this will hardly be the end of the world. You will quite possibly be split anyway if you don't pre-select your seats on your current AF flight. You can use google flights to look up all the skyteam options for your date.
https://www.google.com/flights/#sear...;a=SKYTEAM;s=0