One Bedroom villas are reportedly the easiest size unit to book, so that may help. But only about 20% of the rooms at BWV are in the Standard class. Realistically there could be dozens of BWV owners already ahead of you on the waitlist--people who could only get Preferred View at 11-8 mos out and want to switch to the lower point room class.
As for how the waitlist occurs, you really should specify that when you ask to be placed on the list. They will either automatically book the new room or call you and give you 24 hours to respond or lose the waitlist room. And functionally they will either waitlist you for the entire trip (meaning that all nights must come available simultaneously) or you can do it day-by-day (meaning that each individual day will be moved as it is available.)
Day-by-day has the best chance for success but there's also the possibility of one or more days not coming through on the waitlist, leaving your trip split between multiple resorts.
For a waitlist 7 months out, I'd probably do the day-by-day thing with MS calling before booking. If you start getting some of your days in a couple of weeks, then it sounds like the chances of getting them all are very high. But if 4-5 months pass before they can even get you a single night at BWV, then I'd probably pass, assuming that the odds of getting all of your nights are slim.
I'd suggest deciding exactly what route you want to take and calling
DVC back to make sure they have the proper instructions recorded.