Yes - I am doing exactly this type of thing for our June trip. We are new members - we signed the papers on our main SSR contract on April 15. After the 15 day waiting period for right of recission, we started the process on an add-on to take advantage of the 100 point incentive. We did have to wait 5 days. After that the points were to be in our account.
I called that day to get a reservation at OKW because we could stay 5 nights there in early June on our 100 points. No availability. Great! Told we couldn't use the points at SSR. Called back the next day to try again, was able to book on the phone for 1 night at OKW & asked to be put on the waitlist for the other 4. They told me I couldn't waitlist with bonus points. HMmmmmm. Ok - no one told me that, but I'll just call back each day to try to get the other days I want.
Later that day I got a call from MS saying that because my points were bonus points & my contract had not closed, they could not hold that 1 night ressie for me. Called my guide - he did some checking & called back to say that according to his supervisors I should be able to use the points before closing as well as any other routine member benefits, such as waitlists. He promised to coordinate with MS to make that happen. He was off on Friday, but I got a call from him first thing this morning. He arranged a 3-way call with MS & I now have all 5 of the nights I wanted at OKW booked with my bonus points & that reservation linked to my continuing cash reservation for the weekend.
They said that the confusion was that the points actually come out of the Developer's account, but it's all fixed now & we are looking forward to our first trip home in less than a month. Time to go book my PS's!