Ok I will try and be constructive with this...
Let's set aside my personal beliefs concerning the ethics of marketing towards children (under 16). I will assume these will be things the parents buy their kids.
How in the world would creating products/mascots/targeted ads towards younger people ad any value to the brand? I mean, I am really confused. Lets take a look at companies that have successfully marketed to the youth. Honda, Yamaha and others have made a great line of bikes for younger riders, but have shown support by sponsoring events, putting on clinics and races. As far as merchandising goes, I haven't seen them do anything that would be considered distasteful.
Ducati not only does/will not make a motorcycle for junior motorsports, but I think creating something for the kids does not achieve anything. Let us remember that is is all about increasing the brand and increasing sales... MOTORCYLE sales.
There is one reason I lusted for a Ducati, and that is pedigree. The history and romance of the brand is about as true to the sport as you can get. Parents should be teaching them the discipline and responsibility of the sport. You shouldn't have to coax them into creating products. NEWS FLASH! motorcycles are fucking cool and they will get their own interest. I'm sure your dad had a big influence on that.
So as far as generating products "specifically for kids" goes, I have always thought that event involvement, promotions, and sponsorship go a lot further. Just look at how many kids have redbull/rockstar/monster shirts.
And besides... there is no way you could make something cooler than that Monster power wheel!
So that said, character = bad in my eyes, but what else were you thinking? It's very possible you have a really cool idea and I would love it!