I would suggest doing your home and away ortho rotations as early as possible. Sometimes it can be like pulling teeth to get LORs prepared. If you do a late fall rotation that you want a letter from, it will stress you out trying to get it in time.
I would suggest that you do your home ortho first since you are familiar with your hospital and hopefully have already been exposed to ortho during your third year. Most likely you are looking to leave your school anyway, so you can use the knowledge you gained from your home rotation to assist you on your aways.
As for research, you may be behind the eightball there. It's hard to get anything accomplished between now and the time you submit your application next fall. Good luck in that endeavor, but maybe there is a simple project out there that someone needs a helping hand on.
I'm not sure if programs are really looking at your fourth year electives all that close. We didn't discuss it all when I assisted in the process. I would choose those electives that will assist you in your career. Things like radiology, rheumatology, advanced gross anatomy, etc.. I think mine were rads, rheum, anesthesia, SICU, VA subI in medicine (painful, but helpful), and advanced gross anatomy plus two ortho rotations.
Good Luck.