Amala,
The data from the form will be stored in a process level dataset. To then pass that info to a child process please see the Using a Sub-Process example and passing data to it using the 'Caller.' variable:
Process.fromMainProcessVar=Caller.mainProcessVar;
Using a Delay operator will leave the running instance in memory - if you have a handful of these that sit and wait there should be little impact, if you have thousands of instances that wait to weeks that could cause significant additional load which would need to be accounted for.