My two boys ages 4 and 7, my niece (age 5), and my nephew (age 8) just did this in December. We did the Albatross Treasure Cruise at the Yacht Club which is offered on Wednesdays and Fridays from 9:30 to 11:30. The group that my kids were in had 12 kids, 7 girls, 5 boys. There were 3 cast members with the 12 kids. They started by giving the parents pagers, giving the kids nametags, putting life vests on the kids, and also giving every kid a pirate bandana. They went over rules quickly, and then shared a piece of a map with the kids. From then on, the parents left and the rest is what my kids have told me!
They sailed around to the different places on the map. Each place, they found another piece of the map. This day, they sailed to a few of the Epcot lands, which my kids loved. From pictures they took, I'm fairly certain they went to Canada and Mexico. I"m not sure where else. Once they found all of the pieces of the map, they then found their treasure. After finding the treasure, they had an Uncrustable peanut butter and jelly sandwich, 2 oreo cookies and a juice box. Next, they chased around Pirate "Stinky Feet" and ended up docked at the place where we left them. They had the treasure divided up by then and each child came from the boat with a huge smile on their face and a bag of treasure. The treasure consisted of a really cool pirate hat, a ring, a necklace, a pirate bouncy ball...that kind of stuff. It was more than I had expected it to be.
The kids said they had a blast and would love to do it again. It was one of the highlights of their trip. It was also a nice time for the adults to do some shopping at Downtown Disney! From what I saw and heard from the kids, I would definitely recommend to you. Here is a picture of the boat they took (look close and you will see that they had it decorated for the activity) and also of the life vests and pirate bandanas. Let me know if you have any more questions and I would be happy to ask try to answer them for you! Have a good trip!
By the way, we are also from Iowa! Woo-hoo!