Christmas Week and especially the night of New Year's Eve are VERY popular throughout WDW and at DVC. I would plan on making your reservation right at the 11 month mark.
There are always options, LOL! You can rent points from an OKW owner or look for an OKW owner and "trade" either your BCV points or a BCV reservation. If you want to do either of those things, my advice is to post your request on the Rent/Trade Forum asap. The 11 month window for NYE opens on February 3.
It's too late for 12/31/03, but if you think you might like to do this on a regular basis in the future, you might also consider buying a small OKW contract (via resale).
You could also make a cash reservation via CRO and then rent out the appropriate number of your BCV points to cover at least some of the cost. Actually, I think renting trading reservations/points with an OKW owner is your least expensive option if you aren't in a position to gamble on the waitlist by waiting to book at the 7 month window.
I would make a reservation at BCV at the 11 month window and then try to switch at seven months. Nothing wrong with staying at BCV NYE- you can walk in to Epcot which has great fireworks at midnight.