I have one PC running iTunes, my iPhone, and one iPod for each of three kids.

Ideally I would like the iPhone to use my iCloud account and each iPod to use an iCloud account specific to each kid.

According to Apple:

You can ... use one Apple ID for iCloud services and another Apple ID for store purchases

However, the method described

1. Enter the Apple ID you want to use for iCloud in Control Panel > Network and Internet > iCloud.
2. Enter the Apple ID you want to use for Store purchases (including iTunes in the Cloud and iTunes Match) in iTunes > iTunes Store.

would require that all iOS devices share the same iCloud account if they use iTunes on the same PC.

Short of having one PC per family member, is there a method to use different iCloud accounts on each iOS device?