I wouldn't take time to find it in the REG's (It might not be in the REG's. If its not they should put it in) and I couldn't take time to let the play testers board rule on it.
I definitely agree that at first glance it appears there is an easy, no brainer answer. But, several players have checked in the REG/Rulebook, and nothing supports the way that everyone has always thought about set-asides.
Therefore, I believe it boils down to three options.
1. This scenario works, due to the precedence set with Trembling Demon where each sentence on a card is a different ability.
2. Every set-aside card needs a play as/errata to make the abilities one sentence each.
3. A specific rule stating that cards set-aside must fulfill the designated time established in order to receive the benefit needs to be created and added to the REG.
Kirk