We did the party on a Spectro night, and I would not do that again.
You can see the parade floats from a distance, but not too well.
I would compare it to how you can see Wishes from the Poly. It's a fun, relaxing way to watch it, but you don't get to experience it fully that way.
We tried what pp suggested- watching from Main street, then walking over to dessert after. It was too stressful- never again!
You have to have you whole party check in early. Then you are given a wristband to get in later. So you have to find a space for your whole party on M.S. at 8:45 or so. Then run back to dessert as soon as the parade is over (actually before so you don't get caught). We were told by the cm's that even though our seating time was 9:05, that dessert might all be gone by 9:15
, so we rushed to get back quickly.
If they bring it back, I would go on a non-parade night, then you get your dessert earlier too! We would then go back to enjoy the night parade on a different night.