Hi Dom,
To get an idea of the difficulty of purchasing RTW trips using points (or even buying tickets), you may like to look at these threads:
http://www.flyertalk.com/forum/flyin...und-world.html
http://www.flyertalk.com/forum/flyin...ard-miles.html
Even reading the first few posts makes my brain hurt.
In general, you can use the search facility to find if there are any previous posts relating to your question. In this case, there seems to be a consensus that the effort is not worth the return.
OT, but may be of interest to you. Many of us here, though by no means all, feel that the best value for points is in long haul business class promo awards.