If your wife is rejected for PRTD, the only serious consequence is that she would lose her PR status, BUT can be sponsored by you in future with no issues.
I therefore see no serious issue with this. If she gets rejected, you then apply to sponsor her (preferably after you are compliant with the RO).
Again: if she loses PR status by PRTD rejection or by renunciation, same thing - no different impact on spousal sposnorship.
Whereas: if your spouse and the other child get the PRTD, then you at least have some options, and it's even possible you'd get a TRV for the youngest child.
I echo the point made by
@canuck78 above - your case seems quite complex as you are basically saying you and your family have been out of Canada for more than ten years (pls clarify if not).
I think the situation is not so clear as to say that you will face issues - it is not certain.
BUT: given that there are five of you, one of whom does not even have PR status, the consequences of what would happen if some issues did arise are serious, even severe. If you were to lose PR status, that could mean effectively that none of you could remain in Canada, or only an older child, with likely zero prospects of sponsoring the others.
Whereas if you remain until you are in compliance with the RO, then you can sponsor any / all members of your family in turn.
Now, maybe they don't do anything, and they just process it in normal timeframe. Or maybe they sit on it and delay until you are compliant with the RO yourself. No-one knows.
It's only a matter of risk and consequences. Your decision. You chose to leave, it seems, ten plus years ago, and not return until a year ago - that was also a risk but you got extremely lucky (IMO) in that they admitted you.