it would not...you are entitle to public funds immediately you are granted your settlement/ILR from that moment.

The different between your and full british is the RED passport otherwise your are the same and have equal right to every thing

Yes, you can all apply at the same time but was your child born in UK? . if yes, then you can decide applying using form MN1 for your son ;follow by application for british passport otherwise you can wait to apply all together However there is reduction on fee for joint. as per the chances...it all ...

congratulations, this is superb and efficient service ...i guess a new year gift