If this puppy welcomes his rough and tumble play will that encourage him to act that way more? Any thoughts? I wouldn't think so, infact it is more likely to have the opposite effect. Many bitches are extremely bossy and play aggressively, it has no bearing on how the adult bitch will be at all so tell your neighbours not to worry in that respect, but with regards to grandchildren they need to be on guard, pups teeth and nails are extremely sharp and she is likely to grab and tug at them, just advise them to put the pup in time out once she gets too excited and to keep vigilant. Her behaviour will calm down with consistancy, time outs and the advice on the bite stops here doc, which may be usefull for you to print off for them.
People can have many dogs, all will have different personalities and a more aggressive and hyper pup can sometimes make people worry they have a pup with behavioural problems, but it is not so, they generally grow up to be lovely calm dogs. Just some can be absolute terrors when young.