My answer would be: "It depends."
Here's my answer for am EMH at MK:
If you are at the front of the pack to enter for emh, and you'd like to do 7d, I'd say go for it.
If you are getting to EMH a few minutes late, then you're probably better off cramming in the lower wait attractions, because the 7d line will take up a decent amt of EMH time.
If you only wanna do 7d once, and you can make it a point to get there IN LINE, 30 minutes before emh starts, I wouldn't bother getting a FP for it, I'd do it during EMH. If you are front of the pack, I'd assume you can do both 7d, and Pan before regular rope drop. Knowing what I know, if you wanted to do both of those rides once, I'd not get fastpasses for either. The nice thing about that would be, you'd be able to rock out 4th AND MORE fp's for things that would be in less demand.
The thing is, plenty of folks say, "Ooooh, am EMH, let's go early!"
But they get there late.
If you wanna get the most out of am emh, be there BEFORE they start letting folks in.
Hope this helps you out. Just my 2 cents. We ALWAYS do am EMH, but we are early risers, and getting there early is simple for us.
==
Here's my answer for pm EMH:
Total crap shoot.