We usually do AK in one day also. If I were to skip attractions, it would be most of Dinoland (hate the wait and que area of Primeval Whirl...it the wait time is 20 min, it has ALWAYS taken us at least 45 min to get through), we are not big Dinosaur! fans, and Triceratop Spin is just Dumbo with Dinosaurs instead of Elephants. We neveer do the character trails there either (although people say it is one of the best ways to see some characters).
The only things I would say (IMHO) Not to miss are: Safari, Kali, ITTBAB, Lion King, EE (if open) and the parade. All this would be dependent on the ages and fear factor of your traveling party too.
We normally avoid EMH at AK. Last summer, we went did AK in two half days...on arrival day, we got there late afternoon, saw tha parade, did Lion King, rode the Safari and did the trails. THe next half day we went in the morning and we did all of Dinoland (including playing midway games) went to breakfast at Donald's Breakfastosaurous (We LOVE this character meal), did ITTBAB and rode Kali (we got a FP for this before our breakfast at Donald's)...it made AK a lot more bearable...especially in the summer heat.