Personally, I would wait up. I got our the first day Fast Passes were available at Magic Kingdom. If I had waited a couple of hours, I would have been out of luck.
Definitely stay up. And if you can't get it for everyone from your group, I had luck by getting it for one person and then copying the itinerary to each person individually. This way the system was able to give me times within the hour that overlap so everyone would be able to go at the same time even though the hour time slot wasn't the same.
Update- just woke up. I slept through my alarm.. However, I got on and picked our day and got 3 different times, one around 11, one around 2:30, and one late. I picked the one in the middle along with Buzz and Under the Sea. Were finally meeting Anna and Elsa!!!!!
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