Yes, you can use the waitlist that way. You can use auto reserve, where DVC will automatically add days to your reservatipn as they become available without calling to confirm with you. Otherwise, the date available may be taken before they reach you for confirmation. Others will wait to confirm until all days are available and again may miss out on the reservation since it is not held until you are reached- it is still first come first served.
I have waitlisted using the auto feature and have always gotten the entire stay I wanted. It does depend on your comfort level and how flexible you can be with your reservation. (Sort of like drawing to an inside straight at times.)
If you hold your OKW reservation until the entire stay at BWV is available, you may limit your chances for success with the waitlist.
Good Luck!