WE have used rider switch (babyswap) often over the past several years. The party approaches the line together as the child who isn't tall enough must be present to get the swap pass. The CM will give you a rider swap pass that is good for up to 3 people to return to that ride anytime that day. (Some are good for a few days)
Then the first party rides and the parent riding second and the child who isn't riding are free to go an do anything else - you don't have to wait and ride right away if you don't want to. We travel with extended family so we often separate to do something fun with the littler ones and return to ride later. We use cellphones to keep in touch and have an idea of where and when we will be meeting up later.
Here are a few of the fun things we have found to do close by the height restricted rides.
MK
Splash Mtn/BRMR - has a playground or we take a trip to tom saywers island while the others ride BTMR and Splash.
Space Mtn - usually a ride on the TTA and or the tea cups.
Epcot
Mission Space - great playground in the exit area, not to be missed

Soarin - usually a ride on figment next door and then playing in the kodak area, or if you want to stay inside the Land you can have a snack or see the circle of life show. There is also a kidcot stop upstairs where you can make or add to your lanyard and color a bit.
Test Track - there is a kidcot stop at the exit and we usually head to innoventions, lots of fun stuff to do. Sometimes if the entire party is heading to WS after we head to mexico for the ride there and the kids start the kidcot masks while we wait on the others. (margheritas for the mom's and masks for the kids!)
Studios
TOT/RnRC - we usually combine these as well and take the kids to see B&TB stage show, get an ice cream or sometimes head for the playhouse disney character autographs.
AK
Expedition Everest - we haven't found anything close by so we usually head to EE and get the RSP and then while the first party rides the rest head to Dinoland which is fairly close.
Primeval Whirl - while in dinoland you can do the triceratops spin or play the carnival games.
Dinasour - usually head to the boneyard while waiting on the first party.
I think I hit most of the height restricted rides. We really don't like having the little ones wait around for something they can't ride so we do separate more than some folks would like to but it works for us.
Hope this helps
TJ