I only carry and store my 1911 in condition one. That is the way the weapon was designed. I don't have kids, but I do keep my pistol in a gunvault touch entry next to the bed. I rotate mags every month, rotate rounds every other month to keep everything in good working condition and rotate new ammo stock in about once every 4 to 6 months. I always want to be sure to have the weapon in the condition it needs to go should I need to pull it and get it smoking.
As for storing without the safety in place and having to worry about waking from a "dead sleep"..... You need to know your weapon. You should use the exact same procedure when you draw and fire at the range as you would should you ever need the weapon in a defense situation.
For me, when the weapon is coming to bear on target, being pressed out away from my chest and towards the "threat" the safety is moved to "off" and my finger finds the trigger. When the weapon is empty, or the "threat" neutralized, the weapon is redrawn into my chest, my finger comes off the trigger, the safety is re-engaged if the weapon is still hot, or the magazine is dumped if empty & a new one replaced while the weapon is in tight to my chest. Practice the same motion a few hundred times and it becomes second nature - no need to worry about a safety if you routinely practice using it.