Just like you the evening events aren't an option yet for our young family. We have done this event twice when it was the original style (7D, PP, & Pooh + breakfast at Pinocchio) with 3 young kids. Last time we did it, kids were 5, 3, & 1. We love it and are going to try the new style this June. The original style had a great breakfast, so I'm bummed about the downgrade of that, but exited about the increase in rides. Even with herding 3 young kids and 4 extra adults on our last trip, we were still able to ride many rides over and over. Our 3 yo was just tall enough to ride 7D. The adults would take the two older kids, and I would take the youngest on Pooh or the carousel. Then, we would switch and the kids would ride 7D again. Everyone was able to ride 7D numerous times. Then, we were still able to ride Pooh and PP at the same time. We all really enjoyed the low crowd morning.
As for an off morning with this event, we've experienced that too! Our first time doing the event, was just the 5 of us and my then 4 yo was determined to mess up every single thing I had planned for the trip. We got to the event and before we even went on a ride he threw a tantrum about something and refused to go on anything. We talked him out of the tantrum eventually, and I think him seeing his younger brothers going on rides without him helped him shift out of the tantrum too. But we still had plenty of time to do all the rides during the event, and it ended up being a great rest of the day!
This event really does set you up to get a lot done before you head back for nap time. We usually would get Fantasyland, Adventureland, and Frontierland finished by 1:30. Then, we would leave for nap time at the resort and come back around 4-5ish and do Tomorrowland and whatever else we wanted to repeat.