I'd be a bit more cautious. I am making this up, rather than informed, but take it as an illustration. From 8 April 2012 the CAA can't issue certain non-EASA qualifications. BUT, they will have a big backlog of licensing work to do around this time. Say you sent something in in Feb 2012, who knows for sure it will be processed by 8 April?
Hopefully the IMCr will continue in some way. But I would NOT plan on finishing something in March 2012 as being OK. It might be prudent to aim for end 2011 as the cut-off. I am probably wrong and maybe it will be fine, but absent the certainty you take your choice....