For a studio, yes you likely need to rent home resort points. For 7-month stays, best bet will be 1-2BR and you should be online right at the opening window. If no luck, yes setup waitlist and then stalk daily.These days, with the backlog in points and all the pent-up demand for vacations, as a non-owner of GC, is it best to rent points or just go with a cash room reservation? We own at AKL, but nothing is ever available for the GC for dates I look at by the time the window rolls around. Are waitlists granted with any frequency? It might end up being better to just stay at the Disneyland Hotel instead of trying for the GC, but if there is a trick I'm missing, I'd love any input you might have!
In addition to the usual rental brokers, many DVC resale firms are also renting points and pre-booked reservations. If your dates are flexible, you could try that route by signing up for their newsletters or checking websites every couple days. Facebook groups are also good, I think. There are also rental boards here at DIS and some others.
For a cash room, I don't think they have any DVC inventory to rent for cash; as they are always booked-up near the 7-month mark. If you meant a cash hotel room, then that's easy. Checkout Dapperday.com for a fun semi-annual event with some good convention rates on regular rooms at GCH and DLR, typically. Best of luck!