Stargold:
The year 2000 AC vouchers expire on Feb 28/2001, to coincide with the start of the next year. The new packages are sent out in February so that you should have them for March. These vouchers are good in Jan/Feb.
IF the person is paying a Y/M fare, then they can be used, and the seats reserved at the 72 hour window. Of course if the flights chosen are full in J class, then you are out of luck. I have had some flights from LHR where I could not even buy a J ticket 2 weeks in advance, much less upgrade.
Also keep in mind that AC uses "domestic" 767s on the YYZ-GLA route, and maybe the YYZ-MAN route as well. On these planes, the front cabin is nowhere near as nice as the Executive First cabin on the LHR route. There is not the business class market on these route, being mostly vacationers, so if these are the flights being used, I would not expect much improvement in service in the front cabin.