I have done standing room for Lion King, and I HIGHLY reccomend standing in orchestra. However, to stand in orchestra, you ahve to be 5'6" or above to see over the rail, otherwise bring like a step stool (thats what I did). I have stood in both, but orchestra is truly a better place because you can appreciate the beauty of the costumes and sets.
I did SRO for LK about 3 weeks ago and I overheard an usher tell someone that they couldn't stand on anything because of fire laws. Now, it could be that they were talking about a chair and not a stool. The SRO in orchestra are actually realllly cool because you see the actors parade down the aisles up close. :)