Doing that can make waiting in line to get in the only long line of the day. Go on the lightning lane rides first if you want to save that money, or some other long line ride.
During the busy season, the park opens earlier, but a lot of the crowds don't come until 9 or 10. You can get a lot of rides done during that time with very short lines.
To make this work, though, your entire party has to be committed to a few things:
1. You will get up early enough to be in line before opening
2. You won't waste time shopping, seeing characters, etc during the golden time in the morning
3. You can't have kids that need to pee every 5 minutes
4. You have one savvy person in charge of planning ride order, and nobody can complain about the order
If you do that, you will likely get to go on all the rides you want to go on by lunch time or early afternoon. You can then spend a lazy afternoon shopping, napping at the hotel, going on rides again, out whatever you want to do.
If you have a larger mixed group, it might be best to split up into groups who want to experience it differently.