Cathay Pacific Asia Miles - booking multi destination vs separate tickets

Hello,

I was looking into booking JFK -> HKG -> ICN -> JFK (transit via HKG), and was just wondering if anyone could advise what's the best way to book this:

1. I can make one multi-destination booking. The last leg (ICN -> JFK via HKG) involves a 65 min layover in HKG.

2. I can book two separate round trip tickets (JFK/HKG and HKG/ICN), for exactly the same flights.

If I go with #2, do I get less priority, in case (knock on wood) I need to move to the next available JFK/HKG, if I missed the connection due to delays in the ICN/HKG segment?

I've read a couple of other threads, where the consensus is that 50+ min is enough for connection via HKIA. However I just wanted to be prepared for the unexpected.

The reason I want to consider #2 (booking separately) is that it's something like $100 USD cheaper. Would like to know if there's any hidden catch to this.

Please kindly let me know if anyone has any thoughts.

Another key difference is that

1) USA piece system baggage allowance (2*23kg for Y, 2*32kg for J etc) applies throughout the whole itinerary

2) Weight system applies, i.e. 20kg for Y, 30kg for J.

If I go with #2, do I get less priority, in case (knock on wood) I need to move to the next available JFK/HKG, if I missed the connection due to delays in the ICN/HKG segment?

Legally CX is not held responsible for missed connection if you book separate TKTs. However, being CX, I highly doubt that CX will not protect you in case your incoming FLT is delayed and caused a misconnection. In fact, I believe that as long as you ask CX to put information (or ghost) segements on both PNRs to note the connecting FLTs, you will have the same prioirty.

thanks for the advice!