I don't understand the purpose of redirecting, when you can just direct link. What's the difference? According to what you say, they will end up on your website anyway.
Second, drawing traffic for something and expecting them to email submit for something else is a horrible idea. Not only you are lowering your conversion rate by not direct linking to the offer, you are also lowering it way down by expecting them to do something extra, which is going to another website and email submitting in this case.
0.05c per click is like a miracle with facebook. I have never seen an est cpc less than a dollar and if you try to promote a dating offer, min bid will be around $1 per click. The bidding rate all depends on your ctr and once you get low clicks, they jack up your cost per click. They don't give you 8.5 million impressions all at once. They release the impressions capped.
You are saying that cpm is crap and i don't understand why you are saying that. Are you sure you are actively running campaigns on there or you just heard this from somewhere and posting on here? Everyone who does facebook marketing knows that cpm is the best way to go, once you optimize your campaign with split testing ads and landing pages. You should ALWAYS switch to cpm once you fully optimize your campaign and get the lowest cpc possible. Facebook will give you a huge discount when you switch to cpm and that's the only way to see 0.04c clicks.
When you are starting a new campaign, facebook will offer you an estimated cpc. NEVER accept that, but you can go as low as 50% of what fb offers. When it's below the minimum bid, fb will show you a text with yellow background and warn you that you may not get many impressions. This means that if you bid that amount, you won't see any impression at all. When you see that warning, just increase your bid in 0.10c increments, till the warning disappears. Once it disappears, it means that that's the lowest bid you can go to see any impression for that targeted demographic.