We kept Ranger crated when we could not supervise them, otherwise he was out and about with our two females. He was almost 4 mo, potty trained and had some basic OB when we got him, he's also very confident. When play got too rough, Tuke our goofball, had no problem correcting him, always quick, firm, and proportionate to the offense. Zoey the dog I mentioned earlier seemed to look to us when she'd had enough of him, but after being with us for a month or so, she decided his puppy pass had expired.
Every dog is different so it's tough to say how yours will react. Having your dog meet the pup on neutral ground could help. I've heard others bringing home something with the new pups smell prior to the homecoming.