Receiving a nom., and being appointed are 2 different things.
I would 1st make sure that your DQ has no time limitations. IE, a DoDMERB exam is valid for 2 yrs., they may nail you again because they can't waive it for X amt of time.
You can't contract as others have stated until you get that waiver for your DQ. If it was me, I would move forward with reapplying, but at the exact same time I would make sure I have a waiver in hand for the DQ
I would also talk to the cadre and tell them you intend to reapply as a freshmen, so you can get an AROTC nom too.