It shows you skippped drawing class for years ...
therefore I guess I would need to take the interface 2 off of the bridge to configure as a second backup failover WAN?
Yep.
can the WAN IP's be dynamic DHCP clients?
DHCP clients to which DHCP server(s)?
It depends on how (EXACTLY) the router is setup, which kind of connection you have, etc., etc., the WAN IP is (usually) static and provided by the ISP (or it can be dynamic, still provided by the ISP), then the ISP may be doing NAT or be in pass-thorough mode ...