Mickey's ToonTown Morning Madness consists of...
a small parade, which I assume is simply to get the performers to and/or from the stage area. There's a song and dance, then the deputy mayor introduces Mickey, who is the mayor. At some point between the opening of MTTMM and waiting for the events to start (they don't start right as the TT gates open, b/c that's at the same time the park opens to the general public, and they recognize that people need to walk to get to TT) they will have chosen an honorary family for the event. They introduce the family, family says hi.
That's where my knowledge ends b/c we were that family, and as soon as we said we were from Tacoma WA, the skies opened up and it started pouring, the likes of which I hadn't seen since in lived in the South. Everyone ran to shelter. Which was Mickey's House, and all the characters were spread throughout the house (I assume on a normal day the characters wouldn't ALL be in the house).
We've been to TT twice since, and it was just as pleasant and relatively simple to get characters' autographs (though perhaps a bit more walking was involved, and it was several lines instead of one LONG line).
If I were doing it again, I would get the 2 MMs, especially during spring break. Remember, you can book through costco and
AAA, since they go through WDTC, and you get their little perks, just like booking directly with disney (and the price MIGHT be cheaper than booking directly).