I am no expert by any means, but based on what I read in the email and in this thread, as long as it still says pending you can either modify or cancel the bid. On the second point, I understand you don't get any perks when bidding to a different level (only keep what you had with your original booking) but maybe someone can clarify about the Spa Club Balcony suites, in case that specific cabin is different in the bidding process 🤷♀️