If it was me I would choose the 14 nights at Disney. You will be in one place and will be able to establish a routine. We have been travelling to disney with our son since he was 7 months old for 8-10 nights each trip. At 2 we flew with him to the UK for 2.5 weeks. At Disney you will have the parks, the pools, the Resorts, Disney Springs etc to visit. If it is raining, you can do indoor activities. Trust me you will not get bored. You can still do the thrill rides, but just not together. But Disney has many rides you can do together. My advice is just go with the flow with your kid. Let him/her lead the way, don't make loads of plans, take it easy and be very flexible. It takes very little to entertain a 1 year old. I have found vacationing in Disney with my son some of the easiest trips.
Have you thought about staying in a 1 bedroom villas at Old Key West and then forgoing the meal plan? That way you can put baby to bed and still able to enjoy the evening? Also you can make meals in the room, so if baby is cranky/tired/whatever you don't have to worry about eating out.
One thing that would put me off cruising with a 1 year old is that unless your child is potty trained he/she won't be able to go in the pools. If you do the cruise, make sure the ship has a toddler splash area, so at least they can play in the water.