"as well as", as a preposition, usually introduces a parenthetical element and is not good to be used in replacement of conjunction "and" as intended by your first meaning.
"as well as" used as a conjunction should replace conjunction "and" although its use is less frequent and certainly ambiguous so in GMAT world, "as well as" is usually taken as a preposition.
In either case, "as well as" should not result in a compound subject case and should not be followed by a plural verb.
For example:
1- my dog, as well as my cat,
is fluffy
2- my dog and my cat
are fluffy
In conclusion, your sentence seems fine and the second connotation is what I would think is he intended meaning("as well as" as a preposition)