Even with a kids show, I would be careful with anything too weird. You will do better to wear a conservative pair of causal slacks, a button down shirt and tie--nothing too outlandish. You can still be silly and funny. Bill Malone doesn't wear a clown suit, after all.
Too many think that the suit makes the man. But that is backwards. It is the man, or the character you play, that picks the suit. But it is not the character you think you are playing or who you wish to be, but who the audience thinks you are.
We also, have lost sight of the ultimate purpose of evening wear. Tuxedos are synonymous with magic, because that is what people always wore when they went out at night. When Robert-Houdin started the trend to perform for lay people dressed in regular clothing, rather than like Merlin, he wore tuxedos, because that is what people wore when they went out at night. For fancier shows, it might include a top hat and tails (not black pants and black shirt and white tie.) For decades, everyone who went to shows in Las Vegas wore tuxedos, so did the magicians. There was an idiotic trend towards goofy colors in the seventies, but that was what it was, an idiotic trend.
In other words, magicians dressed in a way that was respectable to the spectators, and maybe one step up.
If you are going to play a clown or buffoon, then dress that way. But playing a buffoon or clown is much harder to pull off than you imagine. If you want to make the kids think you are a competent and fun magician, then you have to make them laugh, and you have to be competent. It is easy to get them to laugh at you, just walk into the door once or twice and say poop. But to get them to laugh with you and to feel a sense of amazement is what is important. I am not sure I would want them to laugh at my outfit unless I was very confident in my skills to eventually get them to laugh with me. Adults are much better at distinguishing between laughing at the magicians and laughing with them.
When I go out to work the streets, I wear a nice white shirt, a conservative bow tie, a dark green vest and a hat (fedora or bowler.) I don’t look much different then thousands of carnival buskers have looked for two hundred years. I stand out, but that is do to the slight old fashioned look, rather than to just being silly.