ILR on 10 Year route or under Tier 1(General)

Hi,
I am writing here in regard to few queries about my application for ILR. Here is a bit of my background.
Qualification (earned in UK): MSc. Telecommunications , From: Queen Mary, University of London (QMUL), Passed in Year: 2009
Current Visa: Got Tier 1(General) extension in Jan 2013 , Expiring on: 25-Jan-2016

OPTIONS AVAILABLE FOR ILR:
ILR Option 1: During Jan 2016, I am eligible for ILR under Tier 1 (General) category.
ILR Option 2: By 08-Sept 2015, this year, I will be completing my 10 years legal stay in UK, So I can apply for ILR during Aug-2015 by this route.

Other Information: I sponsored my wife's spouse Dependent visa under my current Visa (Tier 1-General) during April 2014, last year and she is here in UK since May-2014 and we had a baby in Sep-2014 in London (and registered with council). So her spouse visa will be expiring on same date as my current visa (Tier 1-General), and that is on 25-Jan-2016.

Queries: I need your advice that which route should I choose for my ILR application based on above 2 available options.
-If I go with Tier 1 (Gen) completing 5 years option for ILR, then can my wife also apply for ILR with me during JAN-2016 or NOT?
- Do my baby who is at the moment just over 4 months old, need to have any Visa before I go for ILR or NOT (and I can apply for my son's passport direct soon after I get ILR)?
-If I go with option 2 (I prefer this option) of 10 years route then I will be posting my application during middle Aug-2015 and if it takes longer time to get my documents back before my wife's spouse visa expires (on 25-Jan-2016), then how can I submit her visa application for extension during Jan 2016 and at that time.
-Or can I wait to get my ILR and apply baby's British passport straight away at that time.
-Do I need to have English Language Test for my ILR application (as I have got MSc degree from Queen Mary, University of London in 2009).
-Is there any indication of this 10 year route option to be closed in upcoming year (just asking because new govt brings new immigration policies)

Apologies for such long essay. I would be really grateful to you if you please address these queries. Many Thanks!

Ali