I appreciate everyone's perspective on the matter and whoever shared their personal experiences of going through the process. In a military fashion of always trying to gather facts from people who seems to be in the know, I inquired about the matter with the Canadian Defense Academy (as they are the MA of Leadership Training in the CF) and here's what I did receive:
"In order to receive an equivalency to the IAP/BOTP you require the ILQ. Having completed a CF PLQ or JLC will grant you the qualification code of the IAP. However, every request are different, if you have additional courses and acted in a position above your rank, you can request for an equivalency based on your experience and recommendations of your Commanding Officer."
I will always like those generic answers, therefore if in doubt, do submit an PLAR and you never know you might just get granted the BOTP portion. In my case, as my divisional chain informed me, although I am an exemplary Master Seaman, they do not believe that granting me a BOTP bypass would be in the best interest of the CF, therefore would not recommend to the CO of my current unit to recommend for such.
Best luck for all the others out there, for the ones in my situation, we will meet at BOTP in the near future...