Can they stand and wait patiently for the table to be ready? The closer your time is to Wishes, the longer you may have to wait for your table. Longest we have waited at CG for a table is 50 minutes. Since there is only a very small lounge, there isn't much seating and you may have to stand against the wall to wait.
Can your children sit quietly for 90 minutes through a dinner?
If the answer is yes, then certainly it's a good idea to dine here. The food (used to be anyway) is very good and the restaurant has stunning views. The acoustics here are not great so this restaurant isn't library quiet but it is still a very nice restaurant with white tablecloths, extensive wine list, etc. There will be many families with young children dining here and there will also be many tables of couples spending a romantic evening out. All of the children I have seen dining here are well behaved and obviously used to sitting quietly. The food is good and they seem to enjoy it.
Please know that there are very few tables with window views of the fireworks. Since you are obviously a party larger than 4, your chances of having a window table from which to watch the fireworks is pretty slim. You will more than likely have to go out to the observation deck in order to watch the fireworks. There is a "wall" on the deck that your children are going to have to be able to see over along with all of the other people who will be out there watching the fireworks.
I have enjoyed many meals at CG because I love the sushi here. Personally, I would not book it to watch fireworks. Almost always I have had to go out to the deck to watch the show and the deck can be crowded and I don't think the angle is all that great.
You are the only one who knows if your children would enjoy such a meal.
I agree with the previous posters. A dinner at California Grill should be booked for the food, not for the fireworks. You will probably have to go to the outside observation deck to view the fireworks. Your server will postpone food service during Wishes if you advise them that you will be watching the fireworks. It is a longer dinner, probably about an hour to an hour and a half (or longer depending on appetizers, desserts, etc.)
If you're only booking to watch fireworks you're better off going somewhere else. The beach area at the Polynesian has a nice view and would be a nice open space for the kids or the Top of the World Lounge at Bay Lake Tower.
This isn't to say the CG is a bad place for kids, but it does get very crowded right before and during Wishes. I normally dine with a large group that has included 2-3 kids (infants to 4 years old) and they've never been a problem. CG is just like any other signature dining experience with the exception of the Wishes crowd.
I would not go there with five children under age 8 at Wishes time.
If your only interest is Wishes, I would not book the place just for that.
If you don't get a view table and end up going to the deck, I think the wall out there is too high for small children to see well (for obvious reasons). Do you have enough adults to lift and hold 5 children?
I think it would depend on the adult to child ratio.
Some reasons it might be a bad idea (YMMV):
1) Eating dinner at around 9pm (fireworks time) is late for most kids.
2) A meal at a signature is long for most young kids.
3) with 5 young kids, the chance that someone has to use the bathroom, is sick, is tired, is cranky gets to be rather large.
4) It is a signature, so when someone gets tired, sick, cranky, antsy, it will be more noticeable.
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