Thanks again to all..... What I am considering doing is as follows: I'd love some feedback.

Transferring 160k miles over to AirItalia which my wife and I can use to take a trip to Italy (non stop from Miami) and transferring the remaining points over to virgin atlantic as a 1 to 1.15 ratio due to Amex promotion. I noticed that Virgin Atlantic has a promotion where they will transfer to Hilton at a 1 to 2 ration which is far better than Amex at a 1 to 1.3. I figure, this way worse case scenario, we can pay for our hotel in Italy with these points.