We were there last weekend and did the princesses around 5pm Saturday - watched the parade from just outside IASW, then rode IASW, decided to check out the line at PFF and I was surprised how short it was - we waited around 30 minutes. Did the royal walk again Sunday morning and the wait was closer to 45-50 minutes. In both cases the Coronation was just about to begin - I think that might pull some folks out of the line. Side note - thanks to others here for the tip about the Coronation - loitered around and about 5 minutes after the show SW, Cindy and Sleeping Beauty came out and DD got 1-on-1 time with all 3.
Decided to try for Rapunzel around 4pm Sunday at DD's insistence. Wasn't too bad - 35 to 40 minutes. By 4pm the last loop of the queue rope (closest to the Pinocchio building) is pretty much in shade. Once you're to the part against the building it seemed like about a 30 minute wait, but it depends on how long each group takes and when they go on break.
Overall, I was really surprised by how short the wait was in both cases after hearing horror stories here and elsewhere. We had good luck in the late afternoon, but YMMV. Keep in mind that both lines move pretty slowly, so the wait is a lot longer than you'd expect based on the length of the line.
ETA: just re-read and noticed you've done the lines before, so you probably know how slow they move.
