Exactly. Basically on my first day before the park opened I booked Goofy's sky school for right at 8am. Once I got in line at radiator springs I opened the app and saw that Goofy's did open, but Soarin did not. I quickly canceled the Goofy LL and booked an 8:20am Soarin.
At 8:20am I got a notification that Soarin was closed and it gave me a multiple experience pass which I could use at any time on any ride except TSMM, Guardians, Webslingers, Radiator Springs, Hyperspace mountain, RotR, and Indiana Jones (I think). I later used it to skip an 85 minute wait at Grizzly River Run around 1pm.
Once I got the pass I actually booked an 8:45am Soarin, hoping the ride would remain closed. Unfortunately for me, Soarin opened at 8:40am. I canceled that pass and that's when I booked the Guardian's of the galaxy pass for 10:15am.
I posted this strategy on Reddit and someone said they found a time when Small world was closed and actively had LL for 5 minutes out constantly. They said in 20 minutes every member of their party had 4 multiple experience passes.
One more thing to note, multiple experience passes are tiered at both WDW and DLR so you can't "upgrade" too much. If you have a ride breakdown from one tier, your ME does not work on a ride in a better tier. I think the tiers are something like:
Park | Magic Kingdom | Epcot | DHS | AK | DL | CA |
S tier | 7 Dwarf | GotG | RotR | FOP | RotR | Web, RsR |
A tier | Space, Pan, Jungle | Frozen, Remy, maybe TT? | Slinky, ToT, maybe MFSR? | Navi and Everest | Indy, Space | Guardians, TSMM |