Yes, you can apply to restore your status within 90 days of being refused. No, applying to restore your status does not give you implied status. While you are waiting for the restoration application to be processed, you remain in Canada without status. So if restoration takes 6-8 months, you are in Canada without status for 6-8 months.
If restoration is approved, that puts you back in status.
If restoration is refused, then you need to leave Canada.
It's impossible to live in Canada on implied status forever. Implied status is just temporary while you wait for the results of an application. Sooner or later that application is either approved or refused. Again, applying to restore your status does not give you implied status. You remain in Canada without status.