Since you have early entry, I guess you're staying at a Disney resort (though not necessarily). If that's the case, you get free admission to Typhoon Lagoon on your check-in day.
Magic Kingdom is doable in one day, but it can be tiring. But so is park hopping. In either case I suggest taking a long mid-day break. That's when the line ups are the busiest anyway, you can get rides done more quickly in the morning and evening. And then it's immaterial whether you hop to another park in the evening or go back to the same one.
Early entry is useful if you want to avoid paying for single pass rides (flight of passage, seven dwarfs), but to really take advantage of early entry you need to be there super early in the morning, ideally 1 hour and 15 minutes prior to early entry. This makes for a very tiring day. So since you have young kids and want to get a lot done, I highly recommend getting single pass lightning lanes instead of early entry for those rides. You could still use early entry for some less in-demand rides and not have to get there so early.
I also highly recommend multi pass lightning lanes on your mk days. For ak it's useful but not absolutely necessary. Na'vi River journey will likely be a walk-on during early entry (and you don't have to show up super early to do it), and make sure to get to Kilimanjaro when it opens. But if you're planning to park hop, then definitely get the multi pass.
It is possible to do every ride and show at Animal Kingdom and be done by 3pm. But it's also possible to take a more relaxed approach and just enjoy your day there. Check out the Ear Scouts Animal Kingdom lightning Lane video, where Rob shows up at a reasonable hour, and has a very easy time doing every ride.
Which option you do will depend on exactly which rides you want to do. If you want to do absolutely everything at magic Kingdom, then doing 1.5 days there will definitely be less tiring. But if you're more selective about what you want to ride there, doing one park a day would give you more opportunity to just enjoy the parks.