Altho this is not how we like to do it, I agree with MinMouse. With one day, the kids will not want to leave the park. ALMOST all the rides at MK are for everyone - ToonTown and FantasyLand are still favorites with our kids, and I would recommend the parade and fireworks. Do simple meals - character and sit-down meals can take 2 hours easily (even at slow times) - and enjoy some yummy snacks throughout the day (like while you are waiting for the parade - great time for a Mickey bar or Dole whip!)
If the kids want to meet characters, ToonTown Fair is a good place to do that. The lines can get long, but then they get their fix and are ready to move on. PLus, they get to see several characters at once in there.
Rides I'd recommend: Goofy's Barnstormer (very tame roller coaster, but FUN), Peter Pan, SMall World, Pooh, Mickey's Philharmagic (not a ride, but fun for everyone), Jungle Cruise, Magic Carpet (same thing as Dumbo, but usually a shorter wait), Teapots, Buzz Lightyear, (skip the Stitch attraction if ANY are afraid of the dark - my DD LOVES Stitch but hates this - and she's 8) and of course any others they want to ride!
FYI: my kids LOVED eating at Pinnochio's Village Haus. It's just regular counter-service stuff, but we managed a table by the window overlooking Small WOrld and they thought that was great. PLUS, the chocolate shakes there were yummy!
Have fun and enjoy!!