Yes, very much so.
Yes, the lot is beyond huge and you will have to take a tram from the parking lot to the TTC, and then take the monorail or boat to MK. You are looking at minimum 45 minutes vs. the 5-10 minute walk from parking at the Contemporary.
Maybe? But you will only see the high fireworks, not the actual projections or story. To see that you need to be in the Hub.