Sorry for the late response! I had a crazy weekend of construction and various things that was very busy. So glad to have you on board with us in the Ultimate Bo course! You clearly have a great deal of martial arts experience, and are a lifetime warrior it sounds like.
2.5 months is a good goal for you to stay on track for, to submit the yellow chevron exam. It is best that the patch be sewed on rather than ironed. I believe it can be ironed. But, iron-ons tend to lose their hold over a period of time, and I always prefer to sew the patch.
If you have questions about your training, need some guidance, or motivation along the way, let me know!