As we did the first verse the kids all knew the words but when I asked them questions they didn't really know anything about the song. 
So this is what I am planning.
I am really hoping that the words will stick with them and give them some meaning- rather than just sing through it.

"I am a child of God and he has sent me here":
I have asked a couple of kids to bring something they really like (stuffed animal or toy) and in front of the primary I am going to ask them to give it to me for a week.  I might bring it back next week and I might take care of it- I will compare this to Heavenly Father sending us to earth.

"Has given me an earthly home, with parents kind and dear":
This one we are going to do a matching game and match kids and parents.  Talk about how nice the parents are.
 
"Lead me":
Have a maze set up and the whole primary tries to get one through the maze.

"Guide me":
Have one person at the end of the maze guiding through.

"Walk beside me, help me find the way":
Have one person actually walk beside the blinfolded person.  Talk about how they were all effective but the last was the best.

"Teach me all that I must do":
brainstorm what we have to do.  Where do we learn these things?

"To live with him someday":
Have them draw pictures of what it will be like to live with Heavenly Father again.