I just reread your post and you said you are going during peak season. All resorts will be (probably) crowded at that time. I would definately suggest a split under those circumstances. Also, you might get lucky with a code, if you get Annual Passes (another way you can save money is the ticket you get. See what is going to give you the greatest value).
As for staying at a non-Disney resort, there are some very nice hotels at Downtown Disney, and the Swan and Dolphin are fantastic. The disadvantage is that they are non-Disney, so you have to arrange for the transfer of the luggage yourself (either using a rental car, if your own car is not there, or a taxi).
T-I-G-G-RRR, I would suggest checking the DVC boards here, they would explain it much better than I can. It does involve trust, but they checked on the dates (up to 11 months in advance), made the reservation, and based on what we had agreed I had so much time to mail them a check for the down payment and then had to have the rest in by 2 months out. Some require the full payment at the time of booking. It worked great for us.
As for staying at a non-Disney resort, there are some very nice hotels at Downtown Disney, and the Swan and Dolphin are fantastic. The disadvantage is that they are non-Disney, so you have to arrange for the transfer of the luggage yourself (either using a rental car, if your own car is not there, or a taxi).
T-I-G-G-RRR, I would suggest checking the DVC boards here, they would explain it much better than I can. It does involve trust, but they checked on the dates (up to 11 months in advance), made the reservation, and based on what we had agreed I had so much time to mail them a check for the down payment and then had to have the rest in by 2 months out. Some require the full payment at the time of booking. It worked great for us.