Minors may contribute if they meet the earned income requirement. You'll owe taxes on any deductible contributions and investment earnings in the year you make the transfer. You can make partial conversions each year for several years to spread out the tax burden. If married, you must file jointly. You can't make a contribution in a year when you also contribute to a qualified state tuition program.
Withdrawals are tax-free if used for qualified higher education expenses.
An education IRA cannot be used in the same year when the Hope Credit or Lifetime Learning Credit is used. Note that money in a child's name could limit eligibility for college scholarships. There is no simple answer. You must decide whether a tax deduction is worth more to you now or later. That depends on your future tax rate and your ability to pay the taxes now.