IB check-in at LHR T3

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Will be flying IB metal to MAD from LHR T3 in the next few days on a BA flight number. As a oneworld Sapphire, can I drop my bag more than 3 hours in advance?

Separately, would the agent be kind enough to let me stand-by (for free) for an earlier flight to MAD should space permit?
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Yes you can as you have status.

European airlines do not do standby in the same way that US ones do. If you have a fully flexible ticket then you can cancel and rebook on the earlier flight (for a fee). Otherwise sit down with a good book and wait!
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By "next few days" you mean prior to March 25, right? That's the day IB begins operations from T5 at LHR.
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