They officially added in the later 545 pm flight yesterday to accommodate the flight from Chicago.
That's great news, if you miss the earlier flight it will give you another option as long as it isn't full.
This is a long-shot, but are you traveling to GCM on Cayman Air via Miami? I ask because they will soon start pre-screening US citizens traveling on Cayman Air at the gate in Miami before boarding the plane. That means that you would skip immigration on arrival and go straight to baggage claim, customs, rechecking, and security to travel to Brac; but I don't know how quickly they will get the pre-screening program in place. It would be great if they could launch it soon, because this is the high travel season, see the link below:
US Travelers to Cayman Will Pre-Screen in Miami to Avoid Immigration Lines
By the way, delayed bags are not uncommon when traveling to the Sister Islands. I think that it happens more often with Little Cayman because LCM only receives smaller planes like Twin Otters and only during the daylight hours, but it does happen on Brac, too. If your dive gear is delayed it is very annoying but the dive shop will loan you free equipment until your gear arrives so you won't miss dives.
Try to carry your absolute essentials onboard with you. If you are on one of the Twin Otters they are small planes and there isn't much room for carry-ons. Often you will have to check backpacks and smaller suitcases that are generally considered as carry-ons on larger aircraft. I bring a large purse that I can either squish under the seat in front of me or hold on my lap during the short flight. I stuff it with medications, contact lenses, sunglasses, toothbrushes, phones, IDs, money, travel documents, credit cards and C-Cards, swimsuits, and a change of underwear for both of us.
In November when we arrived on Little Cayman in the early afternoon, our gear made it but the bag with almost all our clothes and personal items did not. It didn't show up until the next afternoon. We had our essentials and dive gear and the hotel (the LCBR) offered to launder our few clothes for free so we were okay; but it does happen so you may want to be prepared.
Where will you be staying? If you are at the CBBR then your meal package will begin with dinner the night you arrive. I think that the food is very good, especially for a small, all-inclusive resort. I believe that the dining room opens at 6:30 pm and closes at 8 pm or 8:30 pm. The problem is that most of the guests show up at 6:29 pm and the buffet can look picked over and sad if you get there late. However, they can accomodate late arrivals - they make special arrangements to offer a nice, fresh selection for night divers on nights when they offer night dives; and if the dining room is closed when you get there - they could also serve you at no charge at the beach bar that has a limited, but tasty a la carte menu. So if they refer you to a sorry looking buffet, don't hesitate to ask for something better.
If you are staying at a rental property, be aware that the stores are closed on Sunday so will need to buy food and supplies on Monday. You might want to bring a few breakfast bars with you so that you have something to eat until you stock up. You can contact the rental property manager in advance and ask him/her to pre-shop to stock your kitchen and provide a short list. There may be a fee for this service, but it could be worth it, especially if you want to go diving early.
Hope you don't mind all my "safe advice" but I wish you a great trip!