Kids are teens and if I adjust to normal settings they will have to age up straight away, what will happen to their friends? and girlfriend/boyfriends?
If their friends are close to aging up (in the last few days of Teenhood) on Long lifespan, they will probably age up later that same day on normal lifespan into Young Adults.
also They need to finish school and graduate right?
Technically, Teens don't even need to go to school, ever, but if you want to choose the trait when advancing into a Young Adult, you need to have at least an 'A'. If you already have this 'A', nothing will happen to you if they don't graduate.
I know how to make young again, how long will it last for them to be young after drinking it?
The teenagers cannot drink a Young Again potion. The Young Again potion only works for Young Adults, Adults, and Elders. However, Teens can make the potion. The Young Again potion will reset your Sim to the first day of Young Adulthood, which means that on Normal lifespan, they can go 42 Sim Days before becoming an Elder. Obviously, you get more benefit from the potion the later in life you drink it.
also what about Ambrosia? how often should it be taken in?
As Pam said, Ambrosia takes you to the first day of your current lifestage. This means that for maximum effectiveness, you should eat it right before your birthday.