I won't be able to tell you how you should handle Grad Night, as your priorities and touring is different then mine and my family's. However, I will relate what we do.
This will sound a bit cliche, but we do nothing (like Seinfeld

). We don't change our touring due to Grad Nights, except to not enter the assigned park when it is closed (cause they won't let us in).
We generally try to focus on the morning, so we rise early to get to the park for rope drop (or MM), tour the parks until noon-2PMish, then head to the hotel for a pool break. After dinnertime, we head back into the park for a couple of hours (usually from about 6-8 or 9) and enjoy the night shows, shopping, and a few rides. The mornings are for ride attractions and the evenings are for atmosphere and show attractions. We then try to get to the hotel between 8 and 9PM, so we can get enough sleep to get up again the next day.
I don't think crowds are terrible during Grad Night days. The parks can handle a lot of folks, and the crowds at DCA tend to be smaller than DL, so if you have a concern, just hop. It certainly isn't Christmas busy, by any means. Also, DTD is another great place to spend some time, especially at night. They have street performers that are really good and the atmosphere is lively.
Good luck, have fun, and don't worry about it!