Pix is right, K's are not normally upgradeable but sometimes it will happen. Having silver or gold status will certainly help.
It all depends on the staff really, I have been able to upgrade a lower class Y to W before. And on other occasions they have siad no, but let me do a special on-the day revenue upgrade that worked out at £199 back then in 99/00.
One question Viking, is what tickets are you booking - Economy or Premium. Normally you can't use points to do a double class jump, but can at the moment but that will go at the end of April. As for the current discounted upgrade rates, I think they may stay around a little longer; the normal rate shave been criticised in the past for being too high.
The CPT and JNB routes are very busy over Christmas and seat availability to upgrade will be limited, especially if you are trying to use points to upgrade multiple people.
Thanks,
Richard