Globehopper questions:
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Thus, has anyone booked a 4 hour flight connection for say, the afternoon, but stood by for an early morning flight as a means of obtaining a longer connection between flights (i.e. 8 hours)?</font>
Yes. I have done this at the airport on a Standby basis on day of departure many times with no problems. I am a 1K however and have no idea if that helps. But I doubt it would make a difference. It's in the airline's best interest to put you in an earlier seat that would go out empty anyway. This frees up your original seat that they might end up needing later.
Good Luck! Those long layovers can be really fun and can break up a long day of traveling and make it more bearable!