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When is the Mishloach Manos to be sent? 
Mishloach Manos must be sent on Purim during the daytime. One who sent Mishloach Manos on the night of Purim does not fulfill his obligation. Likewise one who sent Mishloach Manos on Motzei Purim has not fulfilled his obligation.
When during the day is one to distribute Mishloach Manos?
The Mishloach Manos may be distributed anytime throughout the day, beginning from sunrise up until sunset. In a time of need it may be distributed starting from Alos. If one did not yet distribute Mishloach Manos and it is already past sunset, then if it is still prior to nightfall one should fulfill the Mitzvah.
May one give Mishloach Manos prior to Shacharis?
It is best to give Mishloach Manos after Shacharis in order so the blessing of Shehechiyanu counts also for this Mitzvah. However some would distribute both before and after Shacharis.
Should one distribute Mishloach Manos prior to Matanos Laevyonim?
This matter is disputed in Poskim. See Chapter 9 Halacha 4 in Q&A!
The Rebbe’s custom: 
The Rebbe distributed the Mishloach Manos several minutes after Shacharis.
 Rama 695/4
 M”B 695/22
 See Michaber 687/1 and the commentaries there, brought above in chapter 7 Halacha 5B regarding the times for the daytime Megillah reading, and the same would apply to the Mitzvah of Mishloach Manos
 See Betzeil Hachochmah 6/81; Piskeiy Teshuvos 692/5; Chapter 7 Halacha 10 regarding having the Mitzvahs involved by Shehechiyanu
 Darkei Chaim Veshalom 849
 Otzer Minhagei Chabad 146