I don't think the time thing works unless you go full FP with it and do assigned ride times. If a ride says come back at 1 to ride, people are going to plan around being there at 1. It sounds like times fluctuate, so that would mess with people. I know the same thing can happen with "120 minutes" but thats something people will check to see how much time they have left. They won't check as much with a specific time.
And, as someone else pointed out, it seems to me like the underlying problem is everyone in the park is in line at the same time. Instead of stopping and eating and going to the bathroom or doing the wave pool instead of standing in another line, everyone is in line and doing those things. A 200 minute line is something that most everyone would avoid, but if you can just tap and come back later, sure! tap away. I'm sure ops aren't at full speed yet, and express has got to go, and if the reports of them overselling capacity don't help either. Almost everything can be fixed though. It might mean they need to lower the amount of tickets they planned to sell daily though to account for that.