As KAT4DISNEY suggests, you should look at work2play's thread. The first post in the thread has maps showing the layout of the vacation homes at BLT, as well as links to views from most of the villas.
DVD has announced that it is reclassifying 10 vacation homes from Theme Park View to Standard. Although I don't know which vacation homes will be switched, I suspect it will be those on the third and fourth floors. So, in 2013, I think the Theme Park View villas will be no longer than the fifth floor.
Due to the curve of BLT, those villas with room numbers ending xx16 to xx20 face more to the northwest and have more of a head-on view of the Magic Kingdom. Those villas with room numbers ending xx26 to xx30 face more to the southwest. Although you can see the Magic Kingdom very clearly from the balconies, these villas face more toward the Grand Floridian.
Will you try to book a dedicated two-bedroom villa or a lock off two-bedroom villa? As you can see from work2play's maps, the Theme Park View dedicated two-bedrooms are at the center of BLT's crescent (xx22 and xx24), but are also on the northwest side (xx16) and on the southwest side (xx30). If you wanted a head on view of the Castle, then xx16 would be best. However, the other villas are really good, too.