We've heard that TOontown has its own "rope drop" when it opens at 10:00 a.m. Does this take place at the entrance from FAntasyland or at the train station??
Both, some characters head to Fantasyland, some characters are at the Train Station... The Train Station side will be less crowed and allow for quicker access to Mickey's House if that is what you are looking for. The train will stop there even when TTF is closed so you could take the train from Main Street back to TTF and hang out... Toon Park and Donald's boat are open so the kids can play on either of those while waiting.
We've been to this rope drop once- from Fantasyland. It was great. All of the Pooh characters came out and took kids by the hands. Then when we entered there were characters out in front of the Judge's Tent ready to do the same.
If you can catch it, do it. It's great. The kids get so excited when the characters come and some might get lucky enough to hold their hand while walking up the street. It's neat.