I haven't read the entire post, so I'm not sure if someone has mentioned this or not, but have you thought about renting points through DVC? You can do a studio at Old Key West, for 1 week, at 99 points the first week of June. At AKL, you can do a studio for 76 points that same week. It is easy to find points for rent around the $11 point on this thread:
http://www.disboards.com/forumdisplay.php?f=29. You can even find points for $9 when it is getting closer to them expiring but it is a gamble if they will become available. Even at $11/point, a value studio at AKL would run you around $836.
OKW Deluxe Studio: The Deluxe Studio offers 2 queen-sized beds, nightstand, armoire, TV, table with 2 chairs and a decent sized closet, in a 376 square foot room. Full bathrooms have ceramic tiled floors and storage area in the vanity under the sink. The kitchenette area includes an under the counter refrigerator, microwave, coffeemaker and small sink. A start-up supply of coffee is provided in addition to coffee mugs, glasses, paper bowls and plates, and plastic cutlery. The picturesque view can be enjoyed from the private balcony or patio.
AKL Studios Can accommodate a party of 4 (plus child under age 3 in crib), Queen size bed and full size sleep sofa, Small refrigerator, wet bar, microwave and coffeemaker, Private balcony, Flat panel TV and DVD player, 316 - 365 square feet in Jambo House, 366 square feet in Kidani Village
The studios would allow the flexibility to do more meals in the room, because you will have the microwave. If you have one at home, you can always bring an electric skillet, or griddle, since you are driving, and this will enable you to do more than just microwave meals and cereal in the room. This will also enable you to cook in a regular room, if disney would would allow this. I cook almost anything on my griddle, or in an electric skillet. For that matter, why not bring a crockpot. Put your food in in the morning, and then it is ready when you get back in the evenings. (I'm not sure if disney will allow this for sure in a hotel room, but we did it in a 2 bedroom at OKW last year, and never had any issues).
I'm not sure how you are looking at your budget either, but when we go on vacation, we don't factor groceries, because we would have to buy groceries at home anyways. Are you factoring meals eatting out, or meals and groceries?
If you have a AAA membership, you can get
discount tickets. I think it is a 10% discount, but you get extra perks throughout the park, at least you used to. As several people have said, Orbitz is having a Buy 3 days get 2 free sale on tickets (This ticket include water parks, so it may be cheaper go a different route). Through disney's website, you are at 1008.09 for 2 adult, 1 child PH ticket. The PH is going to add an additional $171, so if it is an option, I would forgo that. That could be substansital for your grocery's or even for gas.
Now that I feel like I've written a novel, in summary
I found the following:
AKL Value Studio 76 points at $11/point = $836
5 day+PH for 2 adults and 1 child= $1008.09
Grand Total of $1844.09
Budget Difference: $155.91
or
AKL Value Studio 76 points at $11/point = $836
5 day tickets w/o PH for 2 adults and 1 child= $837.09
Grand Total of $1673.09
Budget Difference: $326.91