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Selling now just to reduce CGT may make things worse. e.g if owned for 1 year, rented for 1 year and later sold 20 years later only 1/21 may be subject to CGT, less than 5% of the total gain. There would be items able to be claimed to reduce the cost base so perhaps no CGT would be payable...

Yes it can be done. CGT will apply to the property worked out on a time rented v time main residence basis when sold. Structure it with a high IO loan with an offset - your plans may change and it may never become a main residence.