yes, make the most of sunrise, even pre-sunrise.
I've shot many air shows, but the typical airshow 'photo pass' with the plane dipping its wing for the spectators becomes rather passé. You may find otherwise since it's your first show!
The challenge for me with in-air shots are warbirds with prop blur. This is difficult to pull off in terms of low shutter speed to induce blur and precise panning to get a sharp aircraft. When all this does come to pass it can be quite satisfying.
I usually try several shots with low shutter speed and hope for the best, and then increase the speed in order to take home some keepers even if that sacrifices prop blur.
When the jets take to the skies there is no concern for prop blur, so bump up the shutter speed.
I prefer grounds shots now.
With your gear I'd just go with the 7D-II and the 70-200. I never use a monopod, much too difficult. 400 is too long, IMHO; if your TC works with the zoom use it instead. Bring a wide and a light tripod for the presunrise ground shots. Find the angle you like, and take several shots while varying the exposure.