From my understand/comprehension of the migration policy, it is tied to the account and not the character. So once Aug 1 hits, the account migration information is saved.
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Yes. This is what Bungie have clarified. As I understand if, the migration takes place on 1st August. Nothing you do in D1 after that date (including earning D2 "legacy" emblems) will affect the migrated character in D2. That said, large scale data migrations can be fun so I'd give it another week to make absolutely sure your migrated character has been backed up by Bungie Towers ;-)
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That's how I read it too. Just making sure I'm not the only one. Thanks for the reply.