I live in a subdivision in Garland County, about 10 minutes from Hot Springs. We are in the Lake Hamilton School district. We don't have any children, so I cannot personally recommend a school. However, there are a few nice school districts in Hot Springs you may want to check out on the web.
Garland County, Arkansas Public Schools
There are many nice subdivisions in the area, some gated with amenities and fees, and others not. I suggest finding a Realtor once you decide which town you prefer, it'll definitely help you narrow down your options. Good Luck!