Is there a regulation that states that PT must be THE meeting each month or can a squadron do their PT "meeting" Before the actual meeting itself?
There is no specific requirement as to when PT is scheduled.
It is the prerogative of the Unit CC or his designee.
There are guidelines of a rotating schedule in 52-16. Does PT need to be done "at *the* meeting"?
No.
We generally do it at meetings reserved for that, but there are always some that can't get there that night, we're there on Saturdays generally, or some come in early with arrangements of their flight leaders, etc- for someone to be available to administer or proctor as would be during the time when we otherwise do it.
Our unit runs their PT night like this:
1830-1845: Opening Formation / Inspection / Drill
1845-1930: PT
1930-2000: Testing
2000-2050: PT Oriented Activity
If it takes your unit the full 2.5 hours to only do the CPFT, there are certainly some efficiencies to be had. I've used this schedule for a unit that had 60 cadets and it worked just fine.