I think some of the answer depends on your family's style: will you go all-day or will you take breaks ? Do your kids go to bed early or are they night owls ? Will you be going when there are long days of daylight or more in the winter when the days are shorter? Will this be a 'once-in-a-lifetime' trip or will you go every few years ?
What has worked well for our family: (me, DH, DD5, DD3, DS 1). We get up and go in the morning - eating breakfast in the car or while waiting for the opening. (We are typically there at rope drop so we can ride our favorites without lines.) We snack throughout the morning and then aim to depart the parks about 1ish. Head back to our villa, have a 'real' lunch, quiet time, and then swim in the pools before eating dinner in (typically takeout). Our kids are exhausted, so we have them in bed about 30 mins. before their regularly scheduled bedtime (8ish). We also don't go to the parks every day - we go 2 or 3 days and then take a day off. Our days off consist of DTD, or a meal at AKL and some animal watching, or just playing at our villa.
So, clearly, for us, park-hopping is not a good idea. But figure out what works best for your family and schedule.
Btw, my kids have yet to see an afternoon parade or fireworks (we have family in the area every February, so we plan our visit to coincide with theirs and this will be our 3rd year). This year, we are planning on attempting it. But, in general, I've found that less is more - too much at the over-stimulating parks is meltdown city, but doing less leaves us remembering what fun we had. They never know what they've 'missed' and I know what we've 'missed' ... stress and crowds!!!
Good luck!