Yes, you can use this the way you're describing. Upon redeeming, it asks you how many tickets were bought with that transaction, and how many of those tickets you want to redeem points for. So, if you have a $500 ticket, you can just say you want to redeem 1 of the 2 tickets, even if there was actually only one. Using this method, you can use as many points as you want towards airfare.

Keep in mind that redeeming for something other than air travel will likely cost more than $0.01/point - how much is anyone's guess at this point.

Another suggestion would be to use the Schwab Visa - you get the 2% back in the form of a transfer to a brokerage acct that you set up, and can then transfer that very easily to any bank account. This way, you wouldn't be restricted to redeeming for airfare or other travel.

Depending on what categories your spending is in, it might be worth it to investigate other cards. For instance, if you're spending mostly on hotels or airfare or groceries or restaurants or gas, for example, it would make more sense to get a card that awards bonus miles/points for those categories.