I'll let those with more real-world experience chime in with specifics on the build process/timeline, but as for the Trust submission... If this is the first thing you'll be adding to the Trust, you should submit the original Schedule A with only the $10 bill listed. Remember: your Trust doesn't actually own the NFA-regulated item until AFTER the application is approved. It is very likely that your application will be denied if you list the pending item on the Schedule A.

The Schedule A is just a list of the Trust's assets. The Form 4/Form 1 is essentially an application where you seek the approval of the ATF to allow the Trust to buy a new toy. Logically, then, the Trust doesn't already own the toy at the time of application.

Rod