It's not going to work in the long term.
My ex and I did it for 8 years until the shyte hit the fan, and now, if I ever see him again, I think I'll stab him.
My kids were more or less the same age as yours are now when he came out to me in 2012. I accepted it, they accepted it, I saw other men, he saw other men and it was working just fine, but just over a year ago it all went downhill.... A lot of it had to do with alcohol, and I know you have the same problem (don't take it the wrong way, you already know my thoughts on this matter), and then my "love" for him became hate which then became rage towards him.... Here was someone I was living with in complete harmony and then everything went tits up. Never ever in my life did I ever think I would say that I hate the man... but I do.
I think you should part ways while you're still on good terms, for your sake, your wife's sake, and especially your girls sake.