buzzc152,
As I understand it you can start another course after passing your CPL skills test before your license comes through, such as an FI or an IR. I don't know if you have to apply for the licenses seperately though, I seem to remember a post sometime ago saying that you could apply for the CPL+IR at the same time to reduce costs but I can't be sure.
I believe the 70hrs PIC required before the course is for the CPL course with a combined Multi Engine rating.
Of course I could have got the whole thing wrong...