I am definitely NOT an "experienced MTT player".
I asked a similar question in the Tournaments Strategy forum about the late registration.
I played in Event 25, (the "ante up") and by the time 2 hours had past, people registering were getting max 2 orbits on their opening stack.
Even so, people were still registering !
As we approached 2nd break, I was watching the numbers, and people were busting out just about as fast as they were registering -- I can't help wondering how many of those were people had just regged.
I try to play MTTs "small ball" style -- steal blinds, pick up small pots and try to keep my stack near average. (Sounds great, but I usually don't make it ITM).
This strategy is impossible if you reg so late you start with only 1/3 avg stack.
Cheers,
--VS