Hello Brent,
I'm sure you are really looking forward to a wonderful vacation with your two girls. Watching their reactions to all the magic and fun will truly be a treat for you.
It sounds like you have some fantastic meals and activities planned. Since you only plan to go to Magic Kingdom, I would highly recommend staying at one of the resorts on the monorail line for convenient's sake. With a meal at Chef Mickey's already booked,
Disney's Contemporary Resort would be a fantastic choice. This deluxe resort with a modern feel is an iconic Walt Disney World hotel. Being on the monorail line is also great for parents with young ones, possibly in strollers, because you don't have to break down the strollers as you do with buses. In my opinion, even those small hassle-free touches can make a huge difference when traveling with little ones.
If this is not in your budget, I would next recommend
Disney's Port Orleans Riverside. They have special "Royal Rooms" that are simply exquisite and feel as if you are a royal guest of Princess Tiana from Princess and the Frog. This resort is also near Downtown Disney. It happens to be one of my favorite resorts.
Have a magical trip and feel free to stop by with more questions.
~Allison L