Have stayed at BLT a number of times. Its point cost is reasonable in comparison to the high point costs charged at other MK
DVC resorts. Its location is ideal, walkable to MK, easy monorail trip to other MK resorts, and direct boat trip to Fort Wilderness for Hoop-Dee-Doo (assuming it ever returns), Restaurants, including at Contemporary, are good, with California Grill being one of the best.
As to room, the 1BRs are outstanding, very karge with 2 bathrooms. The living room does not have a balcony but, instead, almost floor to ceiling windows for fantastic views (the balcony runs across the bedroom and is accessible both from the bedroom and via a door from the living room).
As to view category and location, I personally prefer lake view rooms with a high floor request (so far always granted probably because there are so many lake view rooms). I also like the view in the opposite direction from the park, looking toward the large lake and Discovery Island. As to internal walks, there are two sets of elevators and all rooms are within fairly easy distance to an elevator
Paying the extra points for theme park view is questionable. Higher floor TP rooms, 8th floor and above, have decent views, 7 is borderline OK, but if you get 6th or 5th floor, your main view is of the parking lot and a monorail track. Higher floor is a non-guaranteed request. I have had both high floor TP view, which was fine, and lower floor, which I considered a point rip-off. Having gotten that lower floor TP room, despite a higher floor request, I no longer get TP view at BLT.
Walk to Contemporary or its bus station is fairly quick. Walk to MK is about 1/2 mile. Pool is fine with a fairly long slide.