In my limited experience upgrades are the best way to use your points - using them for a flight you were already planning means you get your upgrade for literally nothing. No extra taxes, fees etc. Wife and myself went on holiday to San Fransisco last year. Booked WT+ and used our miles to upgrade to Club. Cost was 25000 miles each. A holiday and flight we already were planning to take was made a bit more special for no extra cost.

We're now in a similar position to yourself - currently sitting on 143,000 miles on our household account. Luckily I've just earned the BA Amex companion voucher and we should also hit 150,000 at some point over the summer. Fees & taxes for a First redemption appear to be approx £400 so we are hanging on to book 2x First for about £800. North America, Hawaii, Caribbean, India, Maldives are all 150,000 for First. Decisions, decisions!!

My advice would be to save up to 150,000 for the First redemption to North America or a few other places or if there are two of you travelling use the miles for an upgrade from WT+ to CW for a flight/holiday you're already planning - the experience is fantastic when you are getting it for free.