Given that Wally's main goal at work is to *avoid* work, if he were to lose his "laser-like focus at work", he'd likely end up doing *more* work, so that part of the threat doesn't really work. However, the other part, just the idea of little Wallys running around -- that's almost enough to make me reach for my own checkbook.
Actually we know from passing references that Wally has been married more than once - even if you don't count his Elbonian mail order bride that turned out to be a pig. Don't remember any reference to children though.