Eh, I have to disagree. I'm not saying it CAN'T be done, but to me it seems like a huge expense for days that are likely to fizzle out around lunch time due to complete exhaustion and general fussyness.
I cannot stress this enough: DO NOT go to the Magic Kingdom first. Assuming you plan on touring all of the parks, going to Magic Kingdom first will completely ruin all of the other parks for your daughters. It's very difficult to tour other parks after Magic Kingdom because in their minds, Magic Kingdom will = Disney World, and the entire rest of the trip will be spent with them urging a return to MK.
IMO, the best Touring plan for a children of that age would be Epcot, DHS, Animal Kingdom, Magic Kingdom.
IMO, the best character meals for children that age will be breakfast at the Crystal Palace (Pooh and friends), and dinner at Chef Mickey's in the Contemporary Resort (Mickey and friends).