The only limitation page 278 gives for when you sustain something is that it has to be before the end of your turn or the effect will stop. You can use a power and then decide whether or not to sustain it (and thereby gain any effects from the sustain: line).
Yes, but the bit about using a standard action is in the Sustain line. So you don't get that option until you've sustained it, in this case. Probably on purpose.