Originally Posted by ijgordon

Yes, but OP states "I notice CO doesn't seem to release all the reward savers so it's expensive to redeem the CO reward tickets." EWR-HKG is probably incredibly difficult to find a standard BusinessFirst award on, and while you can potentially waitlist, having one person on the waitlist for an upgrade and the other on the waitlist for a reward seat is not likely to end well.

If OP can find 2 reward J seats on ANA and a reasonable ANA B fare, his best bet is to book his girlfriend into one reward seat and claim the other as a *A upgrade.

The other option is to book/waitlist two rewards on CO metal and then purchase the elite maximizer for himself. This will be "expensive" even if the price for the EQMs drops after the new year.