I don't believe I have seen the Teddy Bear Lady at the Grand Floridian, although I have read posts about her for the last several years.
When we were at the Grand Floridian in December of 2008, I did see an elderly woman with a newborn baby in her arms. At the time, we were waiting for my daughter's Tea Party with Alice in Wonderland to conclude, so we were in the lobby for over an hour. I looked at the elderly woman with the newborn a few times, because it was such an unusual sight. And then, she approached me, and asked me if I wanted to buy her baby doll. As it turns out, it was a doll, and it looked exactly like a live newborn, especially from a distance.
The elderly woman and another middle aged woman sat down next to me and showed me a doll brochure. I quickly made an excuse to leave, because it just didn't feel right. The situation was too odd for me. I have often wondered if that was the Teddy Bear Lady, but I always discount that possibility. No one else has ever seen her trying to sell dolls in the lobby, right? It must just be some strange coincidence.