Generally, the diacetyl rest is done when the beer is 75% of the way to FG, or usually about 1.020. So it's definitely ok to do it now.
I let it sit until it's completely finished (usually 24 hours once it gets to 65 degrees), and then taste for diacetyl. If there is none, I rack and lager. If there is any hint at all of diacetyl, I extend the diacetyl rest.
It's not always necessary to do a diacetyl rest, but until you're comfortable with the process and how diacetyl tastes, it's fine to do one as a matter of course.
There are those who cannot detect diacetyl at all- they just are genetically unable to. But some can detect diactetyl in very small amounts. As a tip, in small amounts diacetyl is more of a slick feeling on the tongue, or oily. It feels like it's coating your teeth a little. If you don't do the diacetyl rest then, it will get worse and can be a butterbomb after lagering. So do one if you're unsure!