I just wanted to add that even if you request a King room, you may not get it.
We just got back Monday, and I had requested a King room THREE separate times, once when the trip was booked, and two other times, when I was adding things to the reservation.
So imagine my surprise when they didn't have one available.
The staff was apologetic, but I was a bit sad, as one of the big things for my DH and I is to sleep on a King sized bed when travelling as we have a full sized bed at home (and a queen is not that much bigger than a full.) We were given a fast-pass to use on any ride in the park (except for RSR or WOC) with no time restrictions. They did also send up a gift basket with coffee and chocolates, etc. (Pics in my signature of it, and the basket I ordered.)
To answer your other questions, yes, the King rooms do have pull-out sleeper sofa, and the lounge closes at 8pm.