I've seen it go both way.
Hippie couple (peace, love, etc) raised their 2 kids in a totally open honest somewhat permissive environment.
Both kids died of drug overdoses.
They reinvented themselves as a 100% straight laced couple, lied to the next pair of kids for 20 years, and the kids turned out ok.
But most put it on a shelf for a while, and are terrified their kids will find it and take it to school for show-and-tell. They won't smoke in their own house for fear of their own kids informing on them.
It is a magic moment when your kids grow up and you can be honest with them if you live that kind of life. And pass the doobie to them.
I quit everything at age 18 and spent the next 27 years being "good" (legally). So that meant I was not a hypocrite on the subject with my kids. I didn't even drink until they were around 15. Did't start really enjoying until they were both 18. I satisfied my responsibilities and then could move on.
How about you MM? When was the last time you had a drink? Was it in front of the "kids"? How's your personal control? How many years can you keep up the "good" example?