We have to have or application in by early feb, but have decided to go the PR route as we have a child who will cause a medical glitch and there is no way we could have gone over with her as they would not have given her a student visa. Also, knowing this could take longer means that we can't do the job finding thing knowing we couldn't take up the position on time and in our situation, we can't go over without the rest of the family to star working, for too many reasoins. This way, we are giving it a go and at least we will know within a year without any stress. Rather expensive, but we don't want to always have wondered if they would have accepted us.
If ours was uncomplicated and especially without kids, I would say DEFINItely give the cowboy route of WP route a go.