Franklin Knolls is a great neighborhood! We live a little further west but send kids to MKES and belong to the pool.
Just a note on the pool, the waitlist is several years long so plan to get on the list ASAP.
Eastern MS has always been considered the weak link in the schools chain for this area. Blair is a major strength, and the ES split (MKES thru 2 and Pinecrest for 3-5) works really well.
I think the neighborhood is an excellent value for this area.