Applying contact cement for laminate
So I'm narcissistically answering my own question... I waited a couple weeks and nobody bit, so, here it is.

The answer is, yes... wait 20 minutes until it is more or less dry to the touch.  It might still have a little "grab" to it, but it should by no means be sticky.  You have up to 2 hours to work with it, but i did mine as soon as I hit 20 minutes.  It will only stick to itself at this point, and this is the benefit of "contact" cement.  Coat both the substrate, and the laminate.  Use wood strips, dowels, or something to separate the two pieces so you can position it.  Start in the middle, and remove boards as you press the two materials together.  Once this stuff bonds, sorry... game over, it is bonded so make sure you move out evenly.  it is like applying an enormous sticker.  I've heard you can reactivate the glue with heat though, like an iron, so maybe that can save you if you make a mistake.  Mineral spirits is also supposed to work.

I bought a roller from lowes designed for laminate.  I think this is a crucial tool in getting the 25 psi required to fully bond the two pieces together.  I found mine right where they sell laminate for counter tops.

I waited a few hours to router mine, and it did router clean.  The cement is fully hardened and cured in 7 days, but you can router it within a few hours (minimum 2, is my recommendation).

Bottom line, follow the instructions on the can.  There are also MANY youtube videos on the process.