Oh, and if the hotels have an early entry program you definitely want to grab it. Do as many long wait coasters as you can before the hordes arrive! Also avoid going on weekends and holidays. As I remember Wednesday and Thursday were slower days, but I can't swear to that.
For your entire time in the park, try to avoid the "normal" patterns. Eat early or late, do major rides as soon as you get in or last thing for the day. Best of all is when its supposed to rain but clears up (or holds off) -- keeps the crowds down. If its really busy, can actually make sense to spend the middle of the day killing time with bumper cars and minor rides rather than join into a 2 hour wait someplace.
Haven't recently checked their ticket plans, but if they have a 2 day pass that allows switching between the water park and the ride park, could work really well to go in swimsuit and Tshirt, ride CP till the crowds get bad, walk to the water park for the hot hours, and then go back to the rides. Repeat pattern second day, and could have a formula for maximum fun!
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The water parks are, well, water parks. Sandusky now has a passel of them, from what's billed as the largest indoor water park in US (Kalahari) to a branch of the Wisconsin Dells Great Wolf Lodge, to Cedar Point's "Me Too!" conversion of an existing hotel. The outdoor one at CP has better water slides than any of the indoor ones. As far as I'm concerned, a water park is filled with fewer, wetter, slower rides than you can get at CP. If it were me, and I had limited time - I'd just do the point.
The lake is, well, a big lake. Nothing more. If you're a boater, more power to you....but as a tourist attraction, not so much. If you're a plane buff you'll get WWAY more out of Air Force Museum than you'd ever get out of a day at the lake.
I'll talk to my son and ask for any tips he might have...he worked there last year.