Indefinite leave on work permit + Dependant visa application

[Meru9]

Hello All,
This is my first post on this forum and I would appreciate all your help.
I am scheduled to apply for an Indefinite Leave to Remain for a Work Permit holder. My Work Permit run's out by the end of March 2012.
My wife is with me in The UK is as a Dependant. She came to The UK in Feb 2011 and has been granted a depandant visa which expires on the same day as my Work permit (I guess this is normal)
I have a few questions to be answered and would appreciate your time, efforts and suggestions.
1) I am assuming She cannot apply with me for an Indefinite Leave to Remain? Since she needs to complete a minimum of two years?
2) Is it right in saying I only have the choice of applying through the Premium Service and exactly a month before my Work permit expires, i.e. 4years and 11 months? - I ask since its recommended that a Dependant visa be renewed 28 days before expiry
3) Does a dependant visa need to be renewed 28 days before expiry or are there exceptions to the same?
4) If I was to be a father to a child soon. Would this mean that the child would get a dependant visa from birth? and again after two years apply for indefinite leave to remain? How does this work?

Kindly let me know your thoughts people on any one or all questions - It is much appreciated as always.

Best Regards