1) 6 months - submit to Chinese Embassy in US (you need at least 6 months stay in US before you have request waiver to Chinese Embassy in US)
2) 3 months or much longer for approval in China depends on you paticular situation
3) 3-6 months -- process in Chinese Embassy in US
4) 1-5 months in US Department of State (DOS)
5) 2-12 months in USCIS
Total: 15-22 months
I would suggest to aask for at least 3 years J1 (5 years total now). If you get waiver approved before your J1 is expired, you can continue to use your J1 and it's eligible for you to apply for your H1 or green card at the same time.
if you J1 is longer enough, you will not need H1. You can start to prepare for your green card application once you enter US. I-140 doesn't need J1 waiver approval, only I-485 need it.
If you have more questions, email me playxyzz@yahoo.com.