Short answer - yes and maybe. You can have a memorable trip with just 2 weeks. It may or maynot be a good use of points (you can get fairly inexpensive mileage earning coach tickets on Delta or other airlines for under $1000 per pax from the East coast to BOM). Premium travel is a different story - mileage awards are usually a much better option (except on BA).

India is usually considered a longer duration vacation destination. YOu can however do a lot in 2 weeks (as Rasputin suggested count on losing about 3 days in travel and keep goals practical). The key is to prioritize based on your objectives and give time to relax and enjoy rather than experience it all (even after 6 months of touring friends have returned to say that they did not get enough time).

I am assuming that this is your first trip to India and your wife has possibly been there before. Jan/Feb is a good time to travel to India but Jan is a peak travel season (busy towards early Jan and harder to return from India than go to India). Try to work with award availability dates (it is particularly hard to leave and return on weekends in early Jan).

It is very hard for working couples (in our case with children) to find enough time to take a long vacation. We have learned to trim our expectations but get a lot our of just 10 days to 2 weeks. My advice is to choose the balance you want between visiting any family/friends, checklist items (Taj Mahal, Jaipur/Jaisalmer, Kashmir, Konark/Khajuraho, south Indian temple/architecture, Darjeeling/Kulu/Rohtang, etc.), resorts (Goa, Kerala Beaches, A&N, etc.), nature, cultural experiences (rural areas, backwaters in Kerala, poverty and hope, Calcutta, Bangalore/Mumbai/Delhi urban chic, etc.). Try the TravelBuzz threads.