Welcome to FlyerTalk. You might have had more luck with this on the British Airways thread but---
Yes, using points for the 2-4-1 is an amazing benefit. Has to be on BA planes - not valid with any of their One World partner. 65,000 miles can get you as far as the Middle East and getting two tickets for those miles is a great deal.
To my knowledge, the two for one is only for tickets and can't be used to get two upgrades for the price of one.
The bad news is that BA fees are probably the highest for award tickets. The good news is that they usually have great availability.