We stayed in a one-bedroom at OKW last year, and next week we'll be staying in a two-bedroom. With young children it is SO wonderful to have all that extra space to spread out and run around.
OKW is a large resort, but we stayed in building 56 last year, quite a way from the HH on the map, but we didn't find the walk to the main pool to be long at all. In fact, we found it quite enjoyable. It's all about perspective, I guess. And there are other, smaller pools scattered throughout the resort.
As far as bus stops go - I think "it all comes out in the wash." If you're the first stop within the resort, it just means that you have to ride all through OKW to all the other stops before you head off to the parks. If you're the last stop, you just off to the parks! We always went to the parks early, so getting a seat on the bus was never a problem at all.
One issue we did encounter with regards to our location was naps. My DD was 17 months when we went last year, and of course still needed a nap. We tried it, but found it too far to go all the way back to OKW for her nap in the middle of the day if we wanted to go back to the park later. We were pleasantly surprised that she actually slept in her stroller. My DH took her on the monorail during naptime (not the one that stops at all the hotels - just the TTC one) where it was quiet and she konked right out. And she is NOT a good sleeper.
Good luck - if you have any questions feel free to PM me. Enjoy OKW!