My husband & I love Calypso! We just went again last weekend.
I don't think you really need a touring plan - things are pretty close by and just keep an eye on the lines (which are easy to see from far, since they are mostly on stairs pretty high up!) and you'll be able to gauge easily if there are good 'opportunities' at a given ride - the lines seem like they ebb and flow during the day. We are always able to do everything we want (i.e. everything except the kiddie rides) and repeat our favorites. We always go on a nice but not too nice day (i.e. warm but overcast).
If you get there at opening time, go straight to some of the lines that can get long: zoomerang (on the left when you enter - I go for that one since it's one of the longest lines, it's close to the entrance but I think a lot of people miss that section when they just come in), the 2 rafting rides (Canyon rafting and Boomerang, at the back), the bobsleigh rides at the right. Don't get tempted to do the ones with no wait right away, they will likely stay with low wait times all day. At the peak you might wait 20 minutes for some of the busiest rides but it's a really entertaining wait since you look at all the people going down the various slides. It's not boring at all

If you stick it out until closing time, for the last 20 minutes or so, try to end up near a ride that you want to do over and over again, and you'll be able to get in 5-10 walk-on runs of it as the park empties out. I really like the tube rides on the left of the entrance for that. My hubby likes the turbo lab for that.
There is never any wait at the Family twisters and they are fun even for adults. No wait at the jungle lazy river either, but if you do the Kongo Expedition then it's probably not worth doing the jungle ride.
Other 'touring' trips - the 'accelerators' ride is really high up - it's the highest slide tower in North America. It's a little tiring to climb that tower, so do it early while you have lots of energy!
For adults / big kids, some of the really fun and original rides are: Kongo expedition (lazy river with lots going on in it! there is even a wave machine in one section of it); the tube rides on the left when you enter are super fun and so are the bobsleighs; the turbo lab 'toilet bowls' are very fun. The rides are very original and so much fun. The aqualoop (full loop slide!) is definitely something you have to do once if you have the nerve for it! It's crazy.
The only slide I personally didn't like was the orange enclosed slide (get lots of water up your nose!!!). The aqualoop was like that too but still worth it!
Looking at what I wrote up, as a touring plan for Adults/big kids I would probably do: Zoomerang, Canyon/Boomerang, Turbo lab in the inner tube, Aqualoops, Bobsleighs, (i.e. all the busier rides going clockwise), then go counter clockwise and do the shorter wait ones: Kongo (line ebbs and flows), turbo lab (without inner tube), carpet racing, and the inner tube ride next to the zoomerang. After that, you'll have a good idea of how to gauge lines, just eyeball them and go back to your favorites / where there are good opportunities). The family twisters are good if you want a 'no wait' ride anytime or want to get out of the sun (they are more shaded), the wave pool and jungle run could be done anytime that you don't want to wait.
Some things to know... they encourage pic nics (i.e. let coolers etc in, have lots of picnic tables) so pack a lunch if you like. Lockers are cheap.
If you have questions I will try to answer them
P.S. I have heard of the lawsuits but so many people have gone through the park, the probabilities don't really scare me too much. Some of the things that happened, I saw that they had corrected when we went last weekend (e.g. making sure the bobsleigh rides are cleared out before letting the next sleigh down... they definitely changed the way they run that ride). The design flaws that you might see mentionned online (like people getting stuck in the turbo lab slide and having to push with their feet to move forward) they have fixed. I think you have to be aware that all waterparks and parks in general have some incidents. Almost any activity does. Just my 2 cents.