When dSLRs are involved most, like the D50, have a magnification effect on the lens length (around 1.5). The 70-300 acts like a 150-450 would on a 35mm SLR. This has created a huge market in what had always been seen as super wide angle lenses (24mm and lower). But you want telephoto so this is good. The top end of the 70-300 would be like a 6x zoom.
There is something bad that can happen if you go this route. The 70-300 will not be good for snapshots around WDW. It's too telephoto. This will make you either miss shots or change lenses. While the ability to change lenses is a feature of dSLRs, it also introduces dust to the sensor. Think of this as a piece of film that is used over and over again. The dust settles and eventually becomes noticible on your photos. You become expert at dodging them out in PhotoShop.
Among shutterbugs there are entire websites devoted to the removal of dust from the CCD sensor. It's a huge problem.
You can get dust on the sensor without a lot of lens changes, but the opportunity soars and it stinks. The 18-55 lens sold with the D50 is kind of meek in the telephoto department, I agree. It's a pricey solution, but Tamron has an 18-200 zoom. It's fairly compact and delivers a lot more telephoto range. Starts around $360 at Canoga Camera. A 28-105 ($160) would be a great walk around lens. A 28-200 ($280) even better for your use, I think.
Good luck. The D50 is a good camera, just be aware of the dust potential.