We activated ours at MK Guest Relations. Once you go through the security check tables, it will be to your far right. We were there just prior to opening and had no wait to activate, were done and into the park in 10 minutes!
It can be done at the TTC ticket booths but I wouldn't advise trying it during the morning park opening rush. They will most likely send you to Guest Relations at that time. During the slower times of the day, you should have no problem exchanging your voucher there.
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