Yes. We just returned. That's what we did. We scurried to TSM and rode standby with short wait. We then had a FP+ for early afternoon. That strategy should work just fine.
You may want to schedule your three FP+ for early to burn through them to have opportunity for a 4th, 5th...Not that you will be able to get another TSM, even in value season. But, rather the trend (in all parks) is that the second tier rides are having longer standby times due to the new system. For example, at MK (last sunday), IASW had a 20 min standby wait. We were able to go to the kiosk and get a FP that was good in 15 min and reduce our wait to 5 min.
Strangely, I noticed shorter SB waits at Space, Splash and Big Thunder- than usual and than some of the second tier rides-in the late morning. Maybe b/c everybody had FP+ for those. Standby times for those 3 were posted at 20min or less with actual waits of less than 10 min.