We are at WDW now and for the past two nights ee have used this strategy. We have walked on many attractions that we don't want to spend a fastpass on (Teacups, Little Mermaid, Pooh, Dumbo, Jungle Cruise) and the characters were mostly walk up as well. There were still lineups for Peter Pan and Space Mountain, but they are much shorter. The second Electrical Parade is also less crowded and you can walk up to the rope to watch in Frontierland two minutes before the parade passes.