Can i redeem on tuesday and turn into a Goblin immediately?
No one here can answer that and its unlikely blizzard will give you an answer. Safer to wait.
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It is unlikely, consider that when blood elves and draenei were added in TBC blizz locked race changes to those races until each class available had gotten a max level character leveled the hard way. It is most likely that that will be the case with goblins and worgen as well. So either wait for others to level every single class available to goblin to 80 during prepatch, or 85 after cata release, or do it yourself is most likely the play.
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No. they have never let anybody do that.
I wouldn’t be surprised if it was allowed this time, but I wouldn’t expect it to.
Logically, they didn’t allow it when new classes were added, Shamans to Alliance and Paladins to Horde for TBC, Death Knights to Wrath, this time the only thing we get is new races, no new classes, only race/class combinations added.
So we’ll see I suppose, but I highly doubt it.
In the original release (if i remember correctly as I have bumped my head a few times since then) there was a CD on this. Meaning you could not for some time and it may have been 30 days. HOWEVER, in today’s WoW…money means everything 
The real question is can I buy into a cow pally or am I stuck as a stupid elf.
You were correct. Turns out it does not work. Glad I didnt purchase yet! 
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