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I'm still waiting on the last of my 4th recommendations. It is from my boss so it should be the most powerful, but she is too busy to finish it in the near future.

But I don't want to lose the benefits of applying early, in terms of acceptance and merit scholarships availability

whats your opinion

Depends how much later, but generally I think if the difference is more than a couple weeks that I'd apply earlier as opposed to having a 4th LOR.

1) employer LORs < academic LORs
2) 4 LORs will hurt you. pick 3 and go with them
3) apply early

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APPLY EARLY!

You can always send in more LOR's latter.