I have not yet done that, but a couple things to consider.
Any Time Machine backup requires very large amounts of disk space
to be of any use. You may want to consider one drive for each device
that is 3-4 times larger than each devices internal storage or the amount
of space you typically consume on each. I suggest multiple because
backing up all on one massive drive and it fails, you lose all your backups.
The second is that the Time Machine backups will be via network. Unless
you have the latest and greatest of super speed WiFi, that first backup will
take a long time for each device, even if you go hardwired Ethernet. Simple
file recovery or small "wind backs" won't be a problem but if there is ever
a need for a full system restore, it will be quite slow.
Also, since all this would be done over a network, traffic on your
local network will have an impact.
There is also one other item to consider. When your devices are away
from your network, unless Time Machine is turned off on the device,
it will do period snapshots on the machines drive until you return
it to your "server's" network. If you already use a lot of disk space
on the devices it may be an issue.