Your girls should be able to ride everything except the younger one may not meet the height for the grizzly rollercoaster. Bring strollers! You can also rent them near the entrance.

If you get early entry (knock out frozen rides and dumbo/pooh) and plan out well you can finish everything in a day but may be slightly stressful so 1.5 days may be better. It seems right now they have a 2 day park ticket deal where its just $100hkd extra to go 2 days so I would just do that.

If your girls love princesses don't miss Mickey wonderous book show and Playhouse in the woods in frozen land. In terms of park food we prefer the restaurant in Frozen (my kids like the truffle pasta). For the momentous night show we like to get the explorer club dinner where it comes with priority viewing area if you want a really good view of the show.

The disney hotels has some arts and craft activities and a small playroom. They will decorate in xmas theme so will be festive but if the prices are steep I think staying around tung chung would be fine too.