Sure, you can use the transom rings to pull tubes. If you do that you'll want to get a harness that goes between the two rings (it has a pulley on it, which the tow rope connects to, it equalizes the force during turns). Only problem with this setup is that the tow rope will probably drag through the water, and if your kids are big whiners (like mine are sometimes) they'll complain about spray from the tow rope and the fact that they get stuck outside the wake in turns. The solution to that is to use a ski pylon, which goes in your fishing seat mount and has two steel tubes that transfer the force to the transom. I've got one very similar to the one on the link and it works great.
http://www.iboats.com/Swivl_Eze_Bas...57326378--**********.097178301--view_id.38379