I have 4 people in my family and we went to Gatorland the first full day we were in Orlando. We wanted a 1/2 day activity to rest after flying the day before. My 10 year old and 5 year old loved Gatorland. Have your kids wear their bathing suits because they have a water play area.(Be warned-it is what they like best about Gatorland--you can get this experience at your hotel for no extra admission fee)
Financially, it was no bargain. I used my 20% Orlando magic card discount and for the four of us, it was still around 70 dollars to get in with tax and the extra $1 per person you pay for their train ride.
They have photo ops with gators, but you can't sit with a gator unless you are paying them for a picture. They had a gator wrestling show, you looked at Gators in a pond and that was it. I was going out of my gord after one hour of this place in the intense heat.
So, 70 dollars for a few hours is no bargain compared to a full day at WDW. I know you said your budget is limited, but if your experience is like mine, you may feel bad for blowing your money at this place. I wish we would have went to the beach again instead.
If it was 20-25 dollars for us, like it is at our local zoo, I might have felt I got my money's worth.
DON'T PAY THE EXTRA FOR THE TRAIN RIDE!! My 85 year old grandma could walk faster than this train. Take my word for it----even if the train ride was free, or even if they paid me to ride it I wouldn't get back on it again.