Get yourself registered for IELTS now... and start preparing for it as much as you can.
There are two different scenarios that I personally see.
1- You submit your papers, immigration officer takes your total points as 67 and the file is processed.
2- You submit your papers and the file is rejected (GOD Forbid)..... Let's say in 30 days, you get a reply that your file is unsuccessful.
If your file is rejected, you can re-apply the next day. And by the time you get request for complete documents again (let's say after 4 months from now) you would have your IELTS results and all other documents (Which you already have). You send the documents ASAP and save those 120 days time period given to you.
However, this would cost you extra money. Your consultant may charge you. IELTS registration charges and other charges may add up....
So, if you want to take a chance. its up to you.