My worry is that Argyle aren't the only Club looking for a new Manager and whoever the Club wants, whether it's for the Championship or League One, the favoured candidate might be snatched while Argyle hesitate.
There's nothing stopping Argyle drawing up a shortlist, conducting interviews and background checks and making an offer to their choice of candidate for either scenario.
They can even draw up a pre contract agreement for both parties (Club and candidate) to sign.