As others have already told you... you will not be able to do the
DDP which imo is a great deal...BUT, that being said if you are not having to fork out all the money for the room then you would still be able to enjoy the same resturants and still save a lil money.
Yes, you will be able to still do Park Hopper tickets.
My 2 cents...set down and figure up the actucal cost both ways. Don't forget to include gas, meals, and what ever little extra's you may need. Like the PP mentioned you can stay at POR with 5 ppl. If it is only going to be a difference of a few hundred bucks I would opt for staying onsite. We love being able to use EMH, Disney transportation (we park our car when we check in and don't so much as see it again until we check out), and the resorts are just so ...DISNEY. I really enjoy never having to leave the magic.
We are going next month

and we already have everything booked and paid for. My cousin-in-law told us this past Sunday that we could use his condo for FREE, he has already paid his fees, dues, etc for his time frame. We just smiled and said thanks...we might take you up on that NEXT TIME. Granted Free would be nice and maybe if we ever decide to go to Orlando and not do WDW we will take him up on his kind offer, but when we go to WDW, that is where we want to stay!