Q,
I'll go first, from an intermediate dancers' point of view, and welcome all corrections... Count 1 "and" begin to Rise. Count 2, continue to Rise; Count 2 "and" you are reaching the peak of your Rise while Closing with the other foot; Count 3, Together (Change Weight); Count 3 "and" Lower.
I do not believe that you use the "whole of the third beat to rise and lower" as you stated. That would make you "pop up" on 3. But I do agree that 3 is not a step, it is merely a change of weight (Together)... I'm not sure "chasing the music" is necessarily a bad thing in Waltz, if its doned correctly. I think you should be ever so slightly "behind" the music in Waltz.
Would those of you that know this dance please help us out? Thanks!