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Welcome to FlyerTalk, ajg276.
Assuming that there is award seat availabilty when you want to travel, you should consider converting your MR points to BA miles. BA offers one-way awards (and free en-route stopovers) on its partner carriers, including AA, LAN, LAN Argentina, etc. If BA will allow a routing of AEP-MDZ-SCL-JFK on LAN and affiliates, then you can stopover in MDZ en route back to JFK.
For the JFK-EZE flight on AA, you could redeem AA miles for one one-way ticket, and BA miles for the other.
Just do your due diligence to ensure that award seats are available before you convert your MR points to BA miles.
Last edited by guv1976; May 1, 2010 at 9:09 pm