Flights: I never take the red-eye - I always feel awful for the first few days of the trip. I would recommend just spending a day on travel there, with a flight in the morning, and arriving in the evening. You won't notice a big difference between arriving at 2pm (via red eye) and 10pm (via 8am flight)
Disney: Full experience should be at least one day for each park. You can probably hit one waterpark and miss the other. However, with a 1 year old, it might not be worth your time to do that. Stick with the Magic Kingdom which has a large kids area - the 1 year old will not really benefit much from the other parks IMO
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