Hi Alison, I would definitely try the earlier bedtime, it always works for us. In saying that, though, the early waking is probably because he is getting 2 new teeth simultaneously - extra painful I'm sure!! He would definitely still be tired at 4.30am though, so I would try giving him some children's paracetamol and resettling him until a more decent hour. If you start getting him up at 4.30am every day then that will be his routine!!
BTW, Tallulah does the pointing thing too. She woke at 7.45pm last night after only being asleep for 45mins. Teething woke her up so my DH went in and straight away she pointed at him then at the door and started "talking" (ie, telling him that she wanted to get up). He just put some bonjela on her dummy, lay her back down again and softly told her to go back to sleep. She screamed as he walked out of the room so we let her whinge for a bit but then she went back to sleep within 2 mins.
HTH and good luck.