Cusco Airport to Bus Station timing
 

Taking an early morning flight LIM-CUZ arriving CUZ at 6:40 am. Thinking about taking the 7:30 am Peru Rail Bus/Train service to Machu Picchu to spend the night at the Sanctuary Lodge for our anniversary. Unsure if this is enough time to get our checked luggage, and still to get to the bus station in Cusco by 7:30. If not, what would be some other options? This will be the first week in March, and unfortunately, the train portion starts in Olantaytamboo, not Cusco. Thanks in advance.

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I would probably say no, if you have checked luggage. Carry-on only you might make it if the flight lands on time, but it will be tight. Also weather can be unpredictable at CUZ so delays are not uncommon.

There is a lot of frequency of LIM-CUZ, I would either take an earlier flight if there is one, or arrive the night before or take a later bus.

I was thinking of doing the same thing, carry-on only flying on the first AV flight LIM-CUZ scheduled to arrive Sunday morning at 7:30 and taking the bus departing 9:10. This doesn't seem extremely ambitious to me, but I've never been to Peru so I have no idea. Thoughts?

Cuzco is worth a day or two IMHO.

And for me, not worth the stress - I'd just spend the night before the train (/bus) trip.