Do you have some flat knit patterns you want to convert? The basic idea would be to cast on enough for the front and back, then work in the round to the armholes where you'd work them flat with the same shaping. The shoulder seams can be done as a 3 needle BO. If there's sleeves, you can pick up sts around the armholes and with short row shaping knit the sleeves in the round too.
You don't change every row, just the one's that would be the WS. So if row 1 is the RS row, knit it, and also row 2. The way it's written sounds like plain stockinette stitch. When knitting flat, you work on the WS, but you don't do that in the round, so you would knit every round.
Eliminating 4 sts usually only amount to less than an inch except for bulky yarn, so I don't it's that necessary to do that even in a people sweater. And for kids, an extra inch would be a good idea anyway.