Yes, "Magic Your Way" tickets are a fine choice. Depending upon the length of time you stay, this can make your trip much more affordable. Here are some things to consider. The base ticket may be customized with a few important options. I personally like the Park Hopper option, as it allows me to visit more than one park a day. I often find that I visit one park during the day, and then later may move to another park for more rides or a night time event. If you think that is something your family would consider, it may be worthwhile. The Water Park option, I don't personally choose for one reason ... I don't swim very well! That said, depending upon the time of year you visit and the amount of days you can spend, you may want to take in one of the two water parks. This would provide you that flexibility. The last feature, no expiration option can make great sense for those who plan to visit again in the future. You can buy a longer-than-needed pass for this vacation, reduce the average cost per day considerably, and keep the unused days for another visit by purchasing this feature. Again, this would only be valuable if you plan on visiting again or there is a risk of not using all your days.
I chose to answer your question largely about ticket options since you specifically mentioned this. However, since you also stated affordability overall, here is another
link to consider which covers other topics including hotels and meal plans.