Entering the park with the one day ticket before upgrading it to a park annual pass is a good idea so you get the gate price credited towards your upgrade.
If you are going to exchange the ticket for a waterpark annual pass or a Night of Joy ticket, make sure you DO NOT use it to enter a park first. Otherwise, you will be required to upgrade to a ticket that includes admission to the park you went into since you've already used it to get into a park.