I am trying my best to reassure people that they will still have fun!!!
There is a free shuttle from Universal Hotels to Wet 'n Wild but yes there is an additional cost just like Blizzard Beach and Typhoon Lagoon. I'm not sure of the price.
There are only a few things closed that would affect a 5 and 7 year old. First off they are definitely not too old for Seussville! Every ride in Suessville is great---Cat in the Hat is similar to the Pooh, Peter Pan, Snow White rides at Magic Kingdom but a fiestier ride. One fish, two fish is like Dumbo but with some water excitement thrown in, the Caro-suess-el is well, like the Carossel at Magic Kingdom but with Suess characters. I suggest that you make sure the kids are familiar with the Cat in the Hat story and other Suess favourites.
The Discovery Centre that is closed consists of a restaurant, a gift shop, some Dinosaur statues and a few interactive booths similar to what you find on the exit queues of some rides at Epcot. It is mostly empty space. The Triceratops is kinda neat, but is really just another Dinosaur statue at the end of a winding path. Not something that the kids would spend more than 5 minutes at in the whole vacation. The Storm Force Acceletron is the same as Tea Cups. If your kids like the Tea Cups, then yes this is one ride they would miss but it is really a typical amusement park ride. Popeye is a major attraction and it is too bad that it will be closed. They will be also able to ride Flying Unicorn many times since there is rarely a line.
I think, as far as closures are concerned, if I had to choose, the Discovery Centre and Triceratops or the Pteranadon Flyers (which they usually close) I would certainly close the Discovery Centre and Triceratops. The 5 and 7 year old will love the Flyers, get there early and they should be able to ride multiple times.
The kids will love Camp Jurassic and can probably spend hours there. I'm not sure of the extent of the play area closures in Universal since that area is very, very large with many components.
The attractions at Universal each take about 10 - 20 minutes to experience (not including the line). So even though there may not seem to be as many attractions as at Magic Kingdom, the attractions take much longer to experience and really require multiple visits to be able to experience them to their fullest.
I suggest that people see the movies Jurassic Park, ET, The Grinch, Men in Black, Shrek, Twister, Jaws and Terminator before they go since many rides are based on the movies.
I really hope that you guys start getting a little more excited and believe me when I say that the closures really are not going to affect your vacation to the extent that you seem to believe!!!
When we were at IOA in the Spring of 2002 you could fire a cannon off for the first two hours and last two hours of the day. Universal really doesn't have much choice about the closures. Perhaps you could try to encourage more people to visit the parks so that the attendance will increase and more attractions will be open. That's what I am trying to do.
Oh and Mrs. Mud, we spent 6 days there in the beginning of May and still could have stayed longer!!!