Of course you can go to the park and spend the day and see and also ride some elephants. But if you will stay in the Lodge you will experience like our self:
to get picked up by the elephant taxi for the dinner and ride there
to wash an elephant with water and brush
to ride in the pool and dive with the elephant
to wake up in the morning and look at dozens of elephants in front of your window.
All of this contributes to a unique memory which is worth so much. So we would advice anybody to take the full package and enjoy every offer of the lodge not to regret the misses opportunity. It is really unique.

Stayed as a family with three girls aged 5, 8 and 11 and have to say that they surpassed every one of our expectations. The rooms were beautiful with lovely quirks (like beds with carved wooden elephant feet) and staying overnight gave us the chance to wash an elephant in the morning and go for a dip in the "pool" with it as well as having a long "elephant safari ride". The staff were so helpful and friendly it is the sort of place (if they encouraged tipping - which they don't) where you would be handing out tips right, left and centre, they are that good.

We fed the elephants it seemed dozens of times, went to elephant shows, explored and lazed around and a 24 hour stay seemed to stretch forever! Even though there are lots of tours that come here we never felt that we were in a queue or surrounded by too many people - I think the park balances those who visit and those who stay very well indeed...and treats them all very well.

One thing to think about is that the vist to the park is pricey but for not much more (in relative terms) you can stay there. I'm not sure I would make it my Bali base for more than a day or so though as if you want to go to Ubud or go rafting/mountain biking etc you might find it easier and cheaper to be in Ubud itself as there is not much nearby to Taro.