yes you are doing essentially what I did last year.
basically you want to move your number into a new business contract, and at the same time you want to move your wifes PAYG number into your personal contract and keep it active.
Correct?
I may be wrong but the way it was explained to me by O2 was you cannot port a number mid contract as your number IS in effect your contract, you can only do this at the point were your number/contract becomes eligible to "upgrade".
Your wifes PAYG is not the issue as you can convert that to a contract at any time. the issue is your phone, and I think the way on2's system works is that numbers are tied to contracts so your phone isn't actually eligible to "upgrade" or "port" into a business contract, O2 would have to buy you out of your personal contract to move your number over to a business contract (believe it or not).
So to you and me and joe public, you want to start a new business contract porting in your personal number, and maintain your existing personal contract but port in your wifes PAYG number. It all makes perfect sense to us in the public world.
But in the O2 world, what you are doing is:
01) Buying out of existing personal contract
02) Setting up new business contract bringing in number from personal contract
03) setting up new personal contract with a new connection bringing in number form PAYG network.
stupid I know, but I think thats the way O2's process works. but as I said I might be wrong, it is based on my experiences of doing something similar.