leverage will come with the options..., page-5

Good to hear that brokers are talking $1 on this - that's one of the big positives.

You will be unable to convert options unless you have paid for them by the time the cheque arrives, as you have to physically be 'on the register' to convert them.

Of course - if you buy today, fill in the form and post the cheque - then settle in 3 days, by the time they process the cheque, you will be registered - so not a massive lag.
I'd suggest to allow 2 weeks though to get your fully paids credited to your account after conversion.
A lot of companies only do a monthly option conversion.