No, the point of this is that if you use the Single Rider line, you don't get the chance to design your car (you can stop and choose from a few pre-designed options). So if you plan to ride SR, if you go back in the exit "play" area - not back into the ride itself, but the area where you can race cars, view actual Chevy cars, shop, etc. - there are multiple stations where you can design a car (just like you would in the standby/FP queue) and load it on to your MB to use for later, then allowing you to actually test "your" car while still riding SR.
This does nothing towards lowering your wait time anywhere and is really pointless if you're riding as a group since you will automatically go to the design stations then. I know a few people have mentioned the possibility of (your #3) waiting in the standby/FP line and rushing through the design station portion (like literally walking through) but I've never been able to do that, even if I already have a car loaded on my MB. The doors are set to shut as the previous group walks out and the new group walks in so unless you were first into the design room and ran to the end, you'd have a hard time getting out the door. Either way, you would have spent more time going in the exit and designing the car first vs. just doing it during the normal sequence.