I say wait time is more like 12 months and I have heard within the last few months that it really hasn't sped up much. I say buy from a reputable dealer that you know for sure will be around in 12 months. I think a couple people even on this board had purchased some NFA items and the dealer they purchased through was either going under or a one man shop and the died. Good book keeping will probably make it so you won't be screwed but it may take more work on your end. LFI in Johnstown is a suppressor dealer and I think Ironhorse Armory in Parker is one as well with multiple brands. I have purchased items from both places and very happy with both of them.
Plus the dealer will fill out your form 4 for you.
I don't know why but I submitted my form 4 for two suppressors and a form 1 (I filled that out as I was building it) form my SBR at the same time and my form 1 took 45 days longer to get approved. I work with a guy that submitted two form 1's (SBR and for an SBS) and they took about 16 months. He received them back with highlighted fields they wanted fixed. He did so and then had his approval in another month.
I chose a Hybrid for being universal and not suppressing the most sound. I can take it off one weapon system and put it on another. I have already used on two different rifles and need to try it out on a pistol yet. You can look at each can and their site will tell you what their decibel reduction rating is, probably in the neighborhood of 30 db. Another reason why a lot of people run .300 BLK because they can find ammo that produces less decibels. A hyrbrid will let your run it on something like that if you purchase it down the road. I believe Gemtech also makes a suppressor that is more "universal."
I'd say unless you're in the jungles of Southeast Asia fightin the Cong, go with something universal to save your money. They are addictive. I believe veterans also qualify for the program SilencerCO offers to get half off MSRP on suppressors (which isn't quite half because MSRP is always way more). There are only a few dealers in the state that can do that. I imagine the other companies offer something similar.
The ATF is a weird animal.