I think a person who has done their homework, knows how to handle a dog/puppy, that you guys will do just fine. We brought home our first GSD after waiting for a year, when our son was four months old. Both son and dog sleep a lot, so you will have time to bond with your boy, as well as the pup at different times of the day.
You recognize the signs of your pup being obnoxious with your baby and you know when and how to correct it then your baby son and your dog will have a fun relationship growing up together! I do stay at home with my children, and so far it has been a blast. Both dog and boy are about to turn two!! And Bronco LOVES my son and will sleep with him, and play with him, and lets him crawl all over her in a very loving gentle way....yes...she will take his food...BUT my son LOVES to give her food lol and it's MY job to help set the boundaries.
I think though, that it would be wise with all the information you get to take an honest look at what life will be like. There will be challenges (German Shepherds are a lot of work), and victories, but for those who say it's a disaster waiting to happen, I will speak for those, it can be done ;D!!