American Express Membership Rewards - Best way to use Points for Vacation

So I have a million MR points to use for vacation. I was wondering which method to do the booking would be better.I was going to transfer MR points to SPG until I found out that 1000 MR points only yields 333 SPG points. Since that seems like an awful exchange rate I'd rather not do that. Then I looked at the amex airline transfer partners that have a 1:1 transfer ration. There are a few that I like. Then I thought about pay with points on the MR website. Buy using this last option will I still earn frequent flyer miles and hotel points? If so this seems like the best option. If not, would it be better to transfer some to SPG and then some to the airline to so the only charges would be the associated fees?

Some trip specifics (not sure if it matters or not):
Travelling from ATL to SIN/ HKG/ BKK/ MNL in Jan for 14 days.
Prefer either 1st or business on an asian carrier.
2 people will be in the party.

Thank you in advance for the help

Paying with points is a convenience but a lousy rate - basically a penny a point. Contrast that with our First Class flights next summer to Venice and return from Athens. 250,000 miles total. When you become more of a student about this stuff, you can sometimes get some great deals. I transferred Starwood points to US Air during a special promotion and got 262,500 miles for only 140,000 Starwood points! That worked out to a valuation of 17 cents per point! No, I would NEVER have spent that much but it was still quite a deal, and so much better than a penny a point.

1. Join the frequent flier plans for ANA (www.fly-ana.com) and Air Canada (aeroplan).

2. Go to the ANA website, go to Award Redemptions and choose reservations and put in your itinerary. You can't do multileg so just put the most distant points. Assure there is some availability (call them if you're not sure) and then, and only then, transfer some miles.

3. Hotels - I'm a Starwood AMEX guy. I believe all you can do with AMEX MR points is to get hotel certificates or, as you said, use points. But if you can get the flights you want by transferring some points, you'll have a lot left over for hotels! Check out the Membership Rewards website to see what chains participate and if there are any that work for you. But again, you should first get the certificate code, call the hotel chain to assure reservations and only then redeem.

Just set it up with ANA. Redemption levels were 120000 per biz ticket. Thank you for you help.