Another option to consider (and this strategy may not work b/c you have a really little one) is to not use your morning for PP at all. You could use your EE to get A&E fp and then ride the other Fantasyland rides. Then in the evening, be in the back of Fantasyland for the fireworks show. They close most Fantasyland rides a bit before the fireworks and rope off everything between the carousel and the back of the castle. There is typically a CM there by the rope (on the Mr. Toad's side) who is starting a line for PP. That line will be held at the rope all the way through the fireworks (which you can still see a good deal of while waiting) and then for a bit afterwords as the fire marshals make sure there are no burning embers around the base of the castle. They then take down the rope and walk the line over to PP and you can be one of the first to ride it as it opens back up.