Reason for high ISO, is to keep a higher shutter speed to avoid motion blur.
Set ISO at 100 or 200 under sunny day…. I think it depends what kind of lens you are using. If you can get an f/2.8 lens, even ISO at 200 will give you a fast enough shutter speed to avoid motion blur.
Other lens with aperture ranging from f/3.5 to f/5.6, it might not give you fast enough shutter speed to catch your kids on a bike or running. Then you will have to pump up the ISO to get a faster shutter speed in order to catch them in action.
For film SLR, you have to think whether you will take pics indoor (just bring ISO 400 only), or is it going to be outdoor. For outdoor, you have to think is it going to be sunny (ISO 100, ISO 160), or cloudy (ISO 400). For me, I always have two different ISO films (Fuji 160 and Fuji 400) in my bag, so I don’t have to worry about weather.