I don't think it's any longer than an hour and there really isn't a bad place to sit, except the front few rows might get sprayed with water. It's nice to sit higher up anyway, plus you are closer to the exit to leave.
I really recommend the dinner package. We did this last time and are doing it again at the end of the month. You can choose from 3 restaurants, Mama Melrose (Italian), Brown Derby (a little more upscale) and Hollywood and Vine (buffet) all very different (you have to eat anyways) and as long as you are there 1/2 hour before the show you can walk right in the back door (plus you get to sit for the 1/2 hour instead of waiting in line for 2 hours.
The seatings are usually a little earlier (I think ours is at 4:30) but then you have time to walk around the park more - when everyone else is eating!