AP mode is pretty much the same thing as turning off the DHCP. It just allows you to cable to the wan port rather than the lan. You would still assign it 192.168.1.2 like you propose.
Using another route/AP does increase the number of wireless devices you can have but it is not as simple as that. There is a limited amount of radio bandwidth. On the 2.4g band there is only 60mhz of bandwidth. Generally this is broken into 3 20mhz parts. This is what channels 1,6,11 represent.
Problem is when you set the router to run the 300m speed it wants to use 40mhz. If you try to run 2 wireless devices at 300m you need 80mhz and there is only 60mhz so you must overlap them which causes interference and both session run slower.
So the simplest option is to force both your devices to run only 20mhz which will limit your top speed to 150m (still likely much faster than your isp). You could the assign one device to say channel 1 and the other device to say channel 11. Unfortunately it is highly likely you have neighbors trying to use the bandwidth also so you will have to see which of the 3 channels is best for each device. Since you are using ADSL for your internet connection you will likely be bottlenecked by that very quickly trying to run that many users even if they were all connected via ethernet.