Iceland KEF: How much time between flights on separate tickets
 

I posted recently about breaking up an itinerary on separate tickets to save money (thanks for the responses there). I am planning an itinerary that takes us from DEN through KEF and on to CPH.

If I book separate tickets (r/t DEN-KEF, then KEF-CPH), it works out $500 cheaper (total for 3 people) than booking it all on one reservation. So the incentive is there to do this.

Of course, for the first leg, KEF is our final destination as far as Icelandair is concerned, so the risk of making the connection is on us. If you were doing this, what minimum time would you allow between the scheduled arrival time of the first flight and departure time of the second?

I've read a number of threads here that make it sound like this would be an easy connection to make. On separate tickets, however, we'd have to collect checked bags, go through passport control, security and re-check bags, etc. I'm unsure how much time to budget for all this; we've only been through KEF once, and it was our final destination on that trip.

Here are some of the options available to us, with a scheduled arrival time of 9:30 AM:

• 11:10 AM (seems risky on separate tickets, though this is the onward flight if we book on one reservation)
• 4:45 PM
• 6:55 PM