Hi Tara!
I would recommend the Magic Your Way Package Plus Dining with the Park Hopper option. The last 2 years we got the Deluxe Dining, but I don't think it offered the flexibility I needed for my pre-schooler. My toddler son is a very picky eater, and sometimes there really wasn't anything on the table service menu he wanted to eat. We chose the Deluxe Dining Plan, and to justify the extra investment, we made a number of table service reservations (on the Deluxe, you can do table or quick service for your meals. Table services, out of pocket, cost more). We found ourselves planning our days around when and where we would be eating, and with a toddler who still needs nap time (not to mention Daddy-smile), some days it was a challenge. Also, we made ourselves sit down since we paid for it, when in reality we only wanted a snack and keep moving. But the Dining Plan saves you money, so I recommend you get at least one of them.
The Park Hopper was great, in that we would start the morning at one Park, take a break by having a long lunch (or heading back to the resort for a nap), then finish the day at a different Park. It broke up the monotony and the kids seemed to appreciate it.
Also, if you're staying, say, 5 days, I would recommend only a 4 day Park pass. One day should be put to the side to enjoy the resort, generally your largest investment on a Disney trip.
Best wishes on your Disney planning!