A lot of it depends on how important where you sit is. If you want to be in orchestra or mezzanine you have to get a fastpass, and for the first show, you'lol probably need to grab that within the first half hour to maybe an hour after the park opens. It will have a return window on it, and if you want first choice, I would plan on being there 10-15 minutes before the window opens and if it's not open, wait across the street as they wont allow you to line up or crowd the doorway early. Do note, for orch, even if you are the first people in line many people will be in before you as they seat the paid packages, VIP, and handicap before the main line. If you're in the front of mezzanine you should end up first into that section. If you only care about being in the theatre, just show up at least 2 minutes before the end of the fp window, just to be safe.
For standby, I am not sure what time they open the line but all of balcony is now standby. I went last Saturday and got in standby/balcony line about 12:15 for the 130 show and was very near the front. I don't know what time balcony filled up, but once it is full they start standby to fill in empty seats in the lower two sections, which isn't guarenteed.