In my experience, I would rather have too much time than not enough. Last fall we connected from delta to KLM. Ran and had to break in line in AMS to get through passport control and security AGAIN! Then when we arrived in Lisbon, we had no luggage. Just not worth it.
So this May, we are choosing to have a 3.5 hour connection in AMS to BCN as opposed to 1.25. I know, long wiat, but not as long a wait as freaking out over luggage.