I taught 1st grade and 5th grade for 10 years. I'd say at least one family a year pulled their child out for vacation. I don't see anything wrong with it, as long as the child makes up the work they are mising when they are gone. Good thinking to wait until after standardized testing! Our school district in CA required us to do a very detailed sheet documenting what the child was to work on, objectives, etc. They had to have something to do daily in each of the subject areas. It made me crazy! In 1st grade for example, I wouldn't have expected a child to do math, reading, spelling, social studies, science, writing every day of vacation, but I was told I had to require that.
My parents used to pull us out a few times a year for family vacation and it didn't affect me one bit. Of course, my mom worked with me on my school work - I can stil remember sitting in our Florida condo working at the table. As long as parents are willing to do this, I don't see a concern.
Family time is important! Enjoy your vacation!