You can start the Type Rating course providing you have a current multi-engine IR(A) and fulfil some other criteria specified in FCL.720.A (d) (reproduced in CAP 804, Section 4, Part H, Subpart 1, page 3), so providing you start your course before the end of February you will be OK.
Upon completion of the Type Rating course you will be issued with a Type Rating and type-specific IR. Your IR-SPA-ME will not automatically be revalidated; in order to do so, you must complete the additional requirements specified in Appendix 8 to Part-FCL as previously referenced.
Hope this makes it a bit clearer.