I actually just went down that path so I can give you a confirmed answer in the next few months (just received card, working on the spend, havent gotten 1st statement yet).

I talked to their branch staff and call center agents and they seem to actually suggest doing this , since their offers arent applicable to product transfers, so they recommend to apply for a new card to get the promo miles. They also seemed to agree with me that if i downgrade my existing World Elite prior, the premium plan fee waiver will cover the new AM World Elite's AF.

Also, I've gotten the bonuses twice at least for BMO World Elite, including a mistake double bonus the first time (60K points), but 3rd time didnt seem to work (last year). Might just need to wait longer for repeat product attempts...