Spartan2,
As I said earlier, the renewal is partially dependent on the time that you would need to allow the renewal process to complete.
Ex- if you are sure that it will be done in a month's time, may be you should wait for around says 60-80 days before the expiry and get this done.
It is also partially dependent on the expected PER date. Based on my estimates(mind you estimates!), you could receive your PER around 30-40 days from now(Nov end). So if that comes out good, you would probably need the renewed passport by Dec-end to Jan-end based on 1 month of period of VO request and submission time period.
All in all, Applying after receiving PER or after a week or 2 of your CC charge looks ideal.
As a general rule, it is always a good practice to have the travel document renewed before the last 6 months of the expiry period.
Regarding the eligibility criteria, I didnt find anything. So, I believe there is no such requirement - but wanted to double check with others as well.
All the best!