Hi Rachel,
How wonderful for your parents to let you use their Disney Vacation Club points for a vacation! You are correct, since you are not Disney Vacation Club Members, you will not be able to access Top of the World Lounge. But that's okay, there are some other great locations from outside of Magic Kingdom from which to view the
Electrical Water Pageant and
Wishes Nighttime Spectacular. Be sure to check these websites for the times of these shows on the night that you wish to see them.
One of my favorite places from which to view these shows is the beach at Disney's Polynesian Resort. This is a great view. You can grab a drink at the Barefoot Pool Bar and head over to the beach which offers at lovely, straight-ahead view of both shows. Disney's Polynesian Resort is undergoing some construction currently, so I suggest that you check with them the night that you are considering going to see if the beach is a good option on that day for watching these evening shows. Another great option is Disney's Grand Floridian Resort & Spa. The boat dock offers a good view of both shows. You could stop at Narcoossee's which is very nearby and have a drink or snack at their bar and then head to the boat dock, or possibly even watch the show from the Narcoossee's porch. For either of these locations, your best bet from Disney's Animal Kingdom Villas will be to start by taking a bus to Magic Kingdom. From there, you could take the monorail or a boat to either of the resorts. The boat would make a lovely and relaxing ride!
I hope that these thoughts are helpful for you, Rachel. Have a magical vacation!