We've always stayed in a Port-area hotel and had a rental car (it's the cheapest way there for more than a couple people, there are no 1-way drop fees, and we like the "control" it gives us to have our own transportation). It's worked well for us and i'd recommend it, though this year we are flying into Tampa, and just driving halfway (to Orlando), the night before - we will be arriving very late.
But, the port area tends to close down early, especially compared to Orlando. Will you want to eat when you land? If your flight gets in at 7:30, you wouldn't get into Port Canaveral until 9 (unlikely!) - 10. There aren't a lot of restaurants, and I bet most will be closed by then. Given your arrival time, you might want to consider staying somewhere in Orlando - get dinner (assuming you didn't eat on the flight) and drive out the next morning. I'd personally skip a Disney hotel, unless you just really want to take Disney transportation, since you would be paying a premium for an on-site hotel without gaining much benefit.