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It's kind of a strange question.

1) No. The 309 expiry is indefinite. You can let it drag a couple of months (or possibly maybe a few years) and you'll be fine

2) Think if it eventually expires at some indefinite date and if there is no paperwork being submitted, you'll probably have 28 days to leave the country after they inform you of its expiry. If paper work has already been submitted, 309 will not expire.

3) I think there is no hard deadline.

But there're definite advantages to submitting earliest possible, because getting PR affords certain substantial privileges:

1) Consideration for citizenship
2) Social Security benefits
3) Probably better job prospects
4) Subsidised courses and loans for studies

Unless you do not have enough evidence, it's best to do it quick and get it done over with.
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