A couple of points on the above...
1) Driving Licence - its a different story - when I did my test many centuries ago, I was able to rip off L plates and drive home from the test centre. I think same still applies.
2) Licence valid from...? Be careful here. The SEP rating is valid 24 months from date of test. PPL licence is valid for 5 years from date of issue - look at both and you'll see.I have known people with a lapsed SEP because they assumed 24 months from date of licence issue.
This means that the time lapsed during application and issue of the PPL is "lost" as far as SEP goes.
3) I had always thought that there was ho problem in allowing pilots awaiting issue of PPL to continue as Student. Will have to rethink now