Bethany:
If you get a coveted table on the outside balcony of
Tony's Town Square Restaurant at the Magic Kingdom about one hour before the parade, you can get a good view of the parade. Otherwise, the next best view is a window table in the dining room right inside the balcony and only a few tables allow you to see out of the large windows without obstruction. To get one of these tables, I'd recommend making a reservation 1.5 hours out from the parade start time and arriving an additional 30 minutes before your reservation to ask at the podium for the first available table on the porch or in the adjoining dining room.
Our family tried this several years ago and after waiting for almost 45 minutes for a porch table to open up, settled on a window table in the adjoining dining room. We were able to see the parade lights, albeit from a distance, but weren't able to hear the music of the parade. It was enjoyable, but not necessarily memorable like a "ringside" seat on the porch would be. In my opinion, there's a little bit of luck involved with the timing of those tables, but if you are willing to arrive early enough, you could enjoy the experience.
My last thought: if you are lucky enough to get one of these tables but find yourself a good 1.5 hours out from the parade, let your server know your intentions, order well from the menu and tip generously, as your lingering may cost them the ability to turn over the table and receive tips from the service of two dining parties.
Wishing y'all a magical vacation!
Whitney