My father and I at least enjoy a ride once together for the very first time we go on a ride, that way we experience everything together and rave about what we like as we go through the experience.
However, it is not exactly needed, especially if you go during a time in which it's incredibly busy. More recently, I would imagine we wouldn't have done Transformers for example if it was incredibly long wait, we would have just went through single rider, however, it was a short wait since we hit it first thing in the morning when we went. Besides, you can still rant and rave what you like about the ride after you go on it, even if you do not stick together the first time.
As everyone said, the queue has a lot to offer for a lot of rides, but honestly, you do get to enjoy a little more of the theme of the queue at FJ than most single rider lines at other attractions. As you do get to see just a little bit of the castle, with it's incredible paintings, and see the sorting hat. Also, some queues I do not necessarily need to see and enjoy, although they're greatly themed. However, FJ is quite impressive, as someone as a huge HP fan, so it's a sight to see. However, they do (or at least used to) have a line where people could go to tour just the castle. However, that was when it first opened and I never have asked about it since, so I do not know if they still do that.
As for tips on on where to wait, essentially my father and I wait right when we get right off the ride, however make sure to stay out of the way. The employees should leave you alone, as long as you're not bothering anyone, or in the way. However, if they do encourage you to move on, rides typically have a hallway you enter into (which you can meet at the end), or a gift shop (you can meet at the beginning), or a photo area where they show all the photos (which you can stand in front of to meet at). Picking a meeting spot is also another reason to enjoy the ride as a family first, that way you all know what to expect and how things end. However, it honestly is a piece of cake and you should be able to just simply wait once you get off the ride, like I said, just stay out of the way, and you should not be encouraged, or pushed to move on. And do wait a little while, as sometimes you may not know when your other family members might get onto ride and technical difficulties can happen as well.
Another thing I suggest and I suggest this to anyone, whether doing single rider, or not, but to establish one meeting place in each park, as a place to go in case anyone is separated and for any reason cannot contact each other. That is another thing we do. The more you move, the more it will be likely to not find someone. So, it's best to stay in one place that way you can be found, but it's even better if you actually have a meeting place. That way immediately you know where to go and be reunited quicker.
Never needed it and doubt anyone really would, especially with cellphones nowadays, but you never know and it's good to establish it just in case.