There is no GST when one goes down merely one generation.
Correct, when you change a beneficiary it is deemed as a gift of the beneficiary to the next. So if you set up a 529 for say your wife then when you move it downawrds then its deemed as her gift--so she needs to watch the 10/50K rules --and you can splip it so you can effectively move 40/200K to 2 kids in one bite. Unlimited if you set up 529 for yourself.
So, yes, you can set it up now to get gifts into 2001's exclusion