First of all, wanted to remind you that you cannot use points to make a DC hotel reservation if it is 60 days or less until the end of your use year. Also, if you need to cancel your reservation at one of the DC hotels, the points go into a special account and you can't use them at a DVC resort.
If you are approaching that 60 day deadline, I think I would just go ahead and make the BC/YC reservation, and cancel your OKW 2 Bdrm. Both hotels are very nice and you already know the great benefits of that location. I think the location is especailly nice during the Holiday season.
If you don't need to worry about the 60 day deadline or any banking deadlines, I'd give the waitlist more time to work. There doesn't seem to be availability problems at any of the deluxe hotels this year (you could call CRO and see what it looks like) Therefore, you could make that points reservation right before your DVC cancellation deadline if the waitlist doesn't come through. Even though that first week in December is really popular, there are a lot of units there. I think you have a good chance of the waitlist coming through.
Good luck!