We did this 2 summers ago when we were staying at BWV. We built in 2 extra days for this when we planned the trip and we did it in the middle of the trip. I even pre-packed a small duffle bag for the one night before we left home with a change of clothes and swim suits (I use packing cubes so it was super easy to just use the smaller cubes). All I had to do then was throw in our meds & a few toiletries. We use DME so we just took a taxi over EARLY on our first morning - planned to get there in time to use the early opening feature that day too. We felt that the taxi was worthwhile to not have to pay for a rental for 2 days plus parking at the HRH. IIRC it was about $45 or so each way.
Here's where we ran into a snag. I had purchased 3-day Universal tix at Costco before we went that were supposed to be good for like 2 years. Our thought was that we'd use 2 days on that trip and save the last day to use on another trip. Well, we got to the HRH (very nice BTW - HUGE rooms), checked in and stored our duffle with bell services. We get to the parks almost exactly at opening and our tix WOULDN'T WORK!!

We had to go to their Cust. Service line and waited there for like 30 min. When we finally got up there they scanned the tix and said they'd already been used!!

Apparently dumb Costco let somebody RETURN the tix or something. I was BEYOND pissed. But the Universal people were really nice and understanding and wanted to help us. It took awhile but they printed out some stuff for me to take back to Costco to show that the tix were no good then they sold us 2-day passes at their "employee rate" which was about as good as it was going to get at that point. And since we wasted the whole early entry thing they gave us some special passes of some sort to use on a couple of rides. I forget exactly what that deal was. So we had to buy tix again out of pocket but since we were THERE already and had already checked in to the hotel we sort of didn't have any choice about it. When we got home I marched straight over to Costco and had to talk to a manager but they refunded me our money for those tix. I blame the whole fiasco on the particular Costco that I bought them at. I went to the one closest to where we live to buy these tix but it is a MESS of a place. It is SOOO crowded and both the employees and the customers are of what I would call "questionable" abilities. I nearly hyperventilate just trying to PARK there. I get along much better if I go to the one in the next county. It's really only about 10 minutes further away via the highway and it is so much nicer and "normal". I will never buy anything like that again at this one Costco. I will only go there for the basics.
Anyway, tix problems aside we then took a taxi back to the BWV at the end of our 2nd day once we felt we'd had our fill of the place. It had stormed that day and a lot of stuff closed due to lightening so we were kind of "done". But the plan worked out just fine and I would definitely recommend doing it like this because of their early entry and their front of the line access by staying onsite. That was INVALUABLE and very much worth the cost of the hotel room for the 1 night.