Thought I’d chime in with my experience! I just did my FP+ selections on Christmas Eve for my late-Feb trip, and I can confirm that yes, 7am EST is the time.
Be up before then though, because you’ll want to be ready to start right at the top of the hour. I got a FOP FP+ for mid-morning at 60+5 out, but about 15 minutes later I went to see if I could switch to a different time and all the times were already taken. I was lucky to get 7DMT at 60+1, but it’s a later time (5:25pm) and I still haven’t been able to switch it for any sooner window. Every minute counts with these. I mean, don’t get scared from my experience, but just be mindful.
What I did to make it not so overwhelming was make a little color coordinated spreadsheet listing in order of importance (and popularity) what rides I wanted FP+ for, also making note if I wanted them for more than one day. Then when the morning came, all I did was go down the list and do each FP in accordance with the day I’d be there. I even went a little overboard and made a side list of what Tier 2 FP+ I would want. Probably didn’t have to do that, but it felt good to know I wouldn’t have to attempt to think at 7am which passes to get. I wanted to quickly make my choices and go back to bed for a little longer. It was Christmas Eve after all.
But anyways, here’s a screenshot of the spreadsheet in case you were interested.
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