I'd agree that your best approach is probably a free-standing stair
unit, and 2x12 stringers are about the easiest way to go about it. 42"
stage height suggests 7" rises, and the
stage itself can be the last step, so five treads at 7" each would be 35" tall. If you go with 11" standard runs (tread depth), overall depth would be 55", or 4'-7". If space is tight, you could use 10" treads, but less than that gets troublesome. If the treads don't overlap the stringers on the sides, then bolting railings on later will be extremely easy, although you'll have fewer fingerholds for carrying it around, so leaving some
overhang and
blocking out the railing posts is a better idea, and will look nicer as well. Any competent framing carpenter can help you with this, or if it's a school, the wood shop teacher can probably give you advice.
Another approach is building 1'x4' platforms with varying
leg lengths, and tieing the platforms together into a stair, but that's actually more work, and ends up being about the same for weight.
This wouldn't be a piece that disassembles, though. It will be most solid if built
in one piece. It shouldn't be too much weight for four kids to manage, though.