Rope drop
Soarin' get FP and ride standby
Ride Test Track
Nemo and Friends
Turtle Talk with Crush
Ride Living the Land (or should we do Journey into Imagination or Circle of Life)?
See Honey I Shrunk the Audience
Club Cool
Ride Spaceship Earth
Get Fast Pass for Test Track
Eat Lunch in Mexico (1:00 reservations, will we make it?)
Tour each Pavilion
Ride Soarin' again with FP
Ride Test Track again with FP
Depart
You have too much in the morning to make your 1 pm lunch reservation. Skip Honey I Shrunk the Audience, the technology is tired and you will see better interactive movies elsewhere in other parks.
You'll be able to use your Soarin' FP when you go back to ride Living with the Land. No need to wait until the end of the day, and in fact this ride is the one place in all of WDW that it's said the cast members won't let you enter with FP's past their return window end time.
Neither the Journey into Your Imagination nor the Circle of Life movie is worth your time.
My recommendation is to forget about riding Test Track twice, and take your time around World Showcase. You can ride Spaceship Earth on your way out, it's way more worth riding twice than Test Track.
You are missing out on Ellen's Energy Adventure. Do any of your kids love dinosaurs? If so, you need to seriously think about not missing it. It closes at 7 pm, so you'd need to do it before you head into World Showcase for the afternoon/evening.
You say you aren't staying for Illuminations, so I assume that means you have dinner plans elsewhere? It would help me fine tune for you if you told me what time you wanted to be out of the park.
I think you'd be surprised how much time World Showcase can chew out of your day once you get back there. If the kids want to collect character autographs, do all the Kidcot stops, etc., forget it, you will easily be in the park until 9 p.m.
If you're willing to eat dinner at Epcot, and stay for Illuminations, your tour plan would put you around the quite good Chefs de France or Rose & Crown for supper time, or the excellent counter service food from Morocco or fish & chips from the England stand.
The area between the tall stairs and the World Showcase Lagoon railing, or up on the stairs, at Canada is a fine spot for watching Illuminations.
So, for a draft, here's my revision for you:
Rope drop
Soarin' get FP and ride standby 9:15 a.m.
Ride Test Track 10:00 a.m.
Nemo and Friends 10:30 a.m.
Turtle Talk with Crush 11:00 a.m.
Ride Living the Land 11:30 a.m.
Ride Soarin' again with FP 11:45 a.m.
Club Cool 12:15 p.m.
Ride Spaceship Earth 12:30 p.m.
Get Fast Pass for Test Track (if you must) 12:50 p.m.
Eat Lunch in Mexico (1:00 reservations) RUN! LOL
Tour World Showcase pavilions 2:00 - ?? p.m.
Ride Test Track again with FP or Spaceship Earth
Depart
Not a whole lotta time for bathroom breaks in there.