ok, so I went into a branch and asked about this CD business. A few answers to my previous questions:

you cannot open this CD that is necessary for the business version of the card, unless you have the paperwork in hand that comes with the rejection letter. So you have to wait for that. The reason is that it's a special kind of CD which they can't open otherwise.
(might be easier to open on the phone in that case)
A business checking account is not necessary, contrary to what another post said (yes, there's an offer for $200 bonus on a business checking -- but it's also an additional hassle). You can just pay $1500 in cash (if opening the CD in branch) or fund by check. If you're a sole proprietor, you don't need anything else; if you're not, you will also need other paperwork which varies state to state.
I hope this helps anyone in the same position as me. If you do all this within 30 days of the original application, there won't be another hard pull, so it is probably worth it to put $1500 away for a little while to get the card and the 30k bonus.