The first 40 minutes of morning EMH is excellent. VERY few lines except for superheadliners (Seven Dwarves will get a line pretty quick, then Peter Pan and Space Mountain). Magic Kingdom is actually the worst morning EMH park (in my opinion). We do EMH rope drop every day we can. Here's our two usual EMH plans for MK...
7:40am - in line (or on Main Street if they open it up)
8am - Pan OR Space Mountain
8:10 - Pooh OR Buzz Lightyear
8:15 - Teacups OR Speedway
8:25 - Little Mermaid OR Teacups
8:40 - It's a Small World
8:55 - at Frontierland for regular opening
9am - Big Thunder Mountian
9:15 - Splash Mountain (if open)
9:40 - Jungle Cruise
10am - Pirates of the Caribbean
10:30 - FP+ for Seven Dwarves (actually 10-11am)
11am - FP+ for Space Mountain or Pan
11:30 - quick service lunch
12pm - FP+ for Enchanted Tales with Belle
1pm - Things that don't get lines... Philharmagic, Country Bears, Tiki Room, Treehouse, OR Tom Sawyer Island
2:30pm - back to the resort to relax and try to book some more FP+ for the evening (maybe catch the parade on the way out)
We do things pretty hardcore (and always have). Bear in mind that we are the family that brought you 4 parks in one day...on New Years Eve.