We (a group of 4) will be staying in Te Anau and driving to do a cruise of Milford Sound on Feb. 27. Are debating about the best time to do the cruise. I know we need to allow about 2-1/2 hours between leaving Te Anau and beginning the cruise, and I’ve heard that the sound gets very busy mid-day, so are debating about cruises before or after that. We’d like to do a hike, probably to Key Summit, that same day -- so hike before cruise if we do an afternoon cruise or hike after the cruise if we do a morning cruise. Morning cruise would have the advantage of allowing plenty to time afterward for hike and not being rushed on that, but might have to get up very early and have heard that the sound is foggier in the morning. I have read mixed things about whether morning or fairly late afternoon is better for photography. Some said morning better (sun on rather than behind Mitre Peak), but others said there are more shadows in the morning. Also, I read that water is calmer in the morning.
Thanks in advance for your comments.

I always suggest being on a cruise well before 11 am (when the busses arrive) or taking the last cruise of the day.

I've done it both ways multiple times - I rather liked being one of the last cars to leave Milford after the last cruise of the day.

In February you'll have loads of light - it won't get dark until 9:30, so you'll have plenty of daylight left for your return to Te Anau for a late dinner. Just do your exploring/walking on the drive in and then head directly back to Te Anau after your late cruise.

We took our time driving to Milford Sound, had lunch there and then took a mid-afternoon cruise - hardly any passengers on the boat.

I just saw your new post, but decided to post on your older one as others have already commented. Only wanted to say I wouldn't worry about the fog, as the weather is unpredictable and changes quickly.

I live on the coast (in Dunedin). This morning it was sunny and clear, then a thick blanket of fog rolled in at about 11 a.m. and we couldn't see anything except the other side of the street. Normally, we can see for miles, A half hour later, the fog had disappeared and now the sky is clear and sunny again.