PGWP expiring - FSW 2 still possible?

[Raman_Ram]

Hello All,
My PGWP is expiring coming march.  Now I/My employer will be applying for my LMO in a week or so to get a new WP given my PGWP expiring coming March. 
I will be sending my PR application before XMas under FSW 2. Together with PGWP and Offer letter, I don't need an LMO. AM I Right?

The question is
1. If I send in my application under FSW 2 without an AEO (since I am under PGWP) will they accept it given the PGWP expiring coming March and their requirement that your WP is valid until they reach a decision?
2. Or should I wait until the issuance of my new WP to apply under FSW 2? If so, since it is not an PGWP should I get an AEO then? If such is the case, can I apply for AEO now and get it over with?
3. How long do they take to issue an AEO?