I went ahead an applied via GCR.
I did not get an instant approval. They called me the following day to tell me that I'd have to cancel one of my other Amex credit cards (SPG Biz or SPG Personal) or lower my limit on my SPG Personal in order to get a $5300 limit on my Cobalt. I chose the latter, for now, and they approved me and told me my card would arrive in 7-12 business days.