ASL402,
I believe getting a PPL is definitely an advantage in applying for CPP. More than half of the cadets that KA recruited last time, i.e. Group 12 (somebody correct me if I'm wrong), are PPL holders. Yet, I do think HR will consider other aspects so don't put your emphasis in considering whether or not to obtain a PPL. It makes a great difference between flying and not flying, but I don't think the difference is so significant between getting a GFPT and PPL. Other aspects can easily over-ride this qualification if you can show them to HR during the interview. If you think you are in most aspects ready for an interview, why not apply for it now? On the other hand, if you want more time for preparation, both technically and mentally, give yourself a break and apply for it later.
BTW, are you flying in US? Have you done your solo so far?