We did this and my husband made about that. It is completely possible. We just watched our money. Our dinners out weren't expensive. I clipped coupons and bought the half off deals a lot.
To me it's absolutely worth it if you can do it. I went back to work part time when my daughter was 2 and that was because my grandparents could keep her. Then I went back full time when she was 4 and in preschool. Your wife will love it but you also have to realize that just because she won't have a "job" she will work a ton! So you will need to help her out and give her breaks and let her go out and have a girls night out with her friends. It does get pretty lonesome when we you talk to a baby all day