Based on what we now have heard about the opening of the restaurant next month, and Disney's announcement that CCV will go on sale sometime this year, I think most of the construction should be pretty far along by October. I would go ahead and book it (if you're a VWL owner) and then take a look at the 7 month window in March to see what the progress looks like then. If it doesn't look good, you can always try to switch the reservation to another location though F&W Festival timing is a very popular one for
DVC members. Regardless of your concerns, I'd definitely book your dates ASAP at your home resort (assuming it is at WDW) since we are well within the 11 month window at this point. Good luck!