Great park.
They have these little elf statues around the park that make hole punches in a piece of paper that the kids hang around their neck like a lanyard. The kids have a great time trying to find all the elves (one elf per letter in the alphabet). They can show their paper at the end of the day for a give-away (pencil, plastic ring, the like). Grab the alphabet game sheet first thing otherwise the kids can get distracted trying to backtrack. Also, maybe set some groundrules about running after the elves because I find it can be nervewracking when a child spots a distant elf and takes off after it. We've lost sight of the kids for moments that way.
The rides that get long lines (ps, nothing in comparison to Disney) are the Yule Log flume, bumper cars, and the skyway sleigh ride. They're all generally in the same area, so if you're a get there early person, I'd knock those out and then you can kind of make your way around the park in a relaxed fashion. Bah Humbug (like Buzz Lightyear) and antique cars sometimes draws lines as well. These are all the slow loaders. Oh and the Ferris Wheel wait is painful. Like that balloon ride at Story Land? Stops to load every seat, then goes around for like five minutes. I don't like heights and it gives me anxiety attacks, the kids don't seem safe to me, no seatbelts, etc. I won't let the kids on it.
The skyway sleigh has a ride photo, so be prepared to pose. Another reason to ride this early, imo.
The main difference between Story Land and Santa's Village is that many of the rides are built so that the kids can go on by themselves, so you can kind of stand back and watch. Young children feel very grownup. Maybe not a 3 year old, but for anyone else who is watching the thread, although the flying swings are not built for an adult, and you could load him and then stand back.
Magical moment is that since this is Santa's summer residence, his reindeer are there as well. Literally named Dasher, etc., and you can feed them.
Have fun!