The problem is that if your application arrives in 2 separate packages, in an office that gets maybe dozens or hundreds of applications on a daily basis, how are they going to put the two pieces of the puzzle together? Theoretically they CAN try to match you up by name and address and whatnot. But that would require some time and effort, to find one incomplete application and one Option C to match each other amongst thousands of applications.
If you are lucky, your application will be only delayed by a few weeks while they try to match the pieces together.
If you are not lucky, they will mail back the application to you after a few weeks for being incomplete. In that case, you will have to apply for a new Police Certificate anyway, and you will have to update all your forms.
I guess in your shoes, I would wait until the Option C comes, and mail everything together, with the expired Police Certificates. At the same time, I will apply for new Police Certificates, so that CIC can complete Sponsor Approval (stage 1) (takes a couple of months now, I think) and send your application to your Visa Office. You Visa Office will require a new Police Certificate, so you can send it to them then. After Sponsor Approval, you will have a File Number, so you can send your Police Certificate and they will be able to add it to your file as soon as they receive it. (And there's a small chance they won't ask for new Police Certificates, if they are only a few days expired.)