DMC says no omissions, but they don’t mention the Rite of Peace:
53. When the eucharistic prayer has ended, the Lord’s Prayer, the breaking of bread, and the invitation to communion should always follow, [See DMC 23.] that is, the elements that have the principal significance in the structure of this part of the Mass.
Calmness should accompany the children. Singing, too, “if possible.”
54. Everything should be done so that the children who are properly disposed and who have already been admitted to the eucharist may go to the holy table calmly and with recollection and thus take part fully in the eucharistic mystery. If possible, there should be singing, suited to the children, during the communion procession. [See Musicam Sacram 32]
The comments that precede the final blessing [See GIRM 11.] are important in Masses with children. Before they are dismissed they need some repetition and application of what they have heard, but this should be done in a very few words. In particular, this is the appropriate time to express the connection between the liturgy and life.
Not a bad adaptation for Masses with adults–I do see it fairly frequently.
Catholic Sensibility 
Well, I suspect the *exchange* of Peace among congregants is probably not listed among the elements that are principal in significance because it is optional.