I am flying into Orlando Airport on 7/2 @ 11:15 AM. I am taking the Magical Express to Pop Century to drop off my luggage, then using Disney's bus to Hollywood Studios for a character lunch at 2:35 PM. Am I cutting it too close? Do you think I will have enough time?
It will be tight, but possible. Assuming your flight lands right on time, it will take you about 15 -20 minutes to get to where ME is in the airport (depending on which gate you landed at and how far you have to go). Longer if you have to deal with baggage claim.
The rest depends largely on how busy Magical Express is that day, and what other resorts are on it's drop off list for your specific route (it changed due to demand, but you'll probably share with AoA and maybe CBR?
The whole thing, on a good day, takes about an hour. Then, assuming you've done online check in, check in should take about 10 minutes.
Then you'll need to get your stuff to the room and head off to the park, a process that can easily take another 45 mins to an hour (depending on your family and how long you have to wait for a HS bus).
So, doable? Yes. Tight? Yes.
I'd recommend you use the yellow ME luggage tag service for this, so you can skip over baggage claim and go strait to ME. They'll mail tags to you with your welcome packet. Simply put them on your bags before checking them at departure. When you come back from the parks, your bags should have "magically" appeared in your room.
Then all you'll be dropping off in your room are your carry on bags. That should buy you some time.