I've gone for the last few years with my kids and will probably be going again next week. My kids are now 8, almost 5, and 23 months. I've gone with infants/toddlers/pregnant and always had alot of fun.
Here is what I'd suggest:
Check their website ahead of time. You can go through, ride by ride, to see age/size restrictions, etc. so that you can plan where to go. It is somewhat of a problem to go only with one adult - not sure you're in that position, BUT, if you plan ahead, you know where to go and what to avoid if it's just you. The problem with one adult is that most rides that require an adult are only two-seaters. You can have one child wait while you go on the ride with the other, but I don't think you could do that with your little one, so probably not ideal.
About half of the park is water-related and plenty of things to do without size/age/number restrictions. Some of these close earlier than the rest of the park, including a little waterworks area. In fact, several areas close early (food/gift stands), so promising your kids that you'll go back later for certain things can blow up in your face
The parade happens 2x during the day during the summer. They will stop the parade once to do their main routine. The closer you can be to the big ship that is across from the carousel, the better off you'll be for viewing it (we usually have one adult park here about an hour before the parade and have the other adult do a food run (two restaurants right near here). That way we can get in a little rest and also have a seat for the parade because it gets really full on the parade route and with 3 kids, I can't hold them all on my shoulders!
One really nice thing is that there are several water things where waiting is not really a problem and there are some resting-type areas like Big Bird's nest (a big shaded area with big soft blocks, mostly for toddlers). There's also a beach area with sand, so you can bring buckets and shovels if you want to sit for a few minutes while your kids just dig.
A few rides will be posted not to ride if you're pregnant, but there are really only a few mechanical rides, so there's still a ton to do, even if you don't ride on those few things.
Also, there are restrictions for coolers and lots of the standard "buy our food" rules, but I've always been able to pack enough food for snacks and meals for an entire day in my bags and nobody has had a problem. I think they mostly don't want you bringing coolers through.
Hope this helps!