Phasers,

Thanks for the continued detailed analysis. I'm having fun playing with this while and this is FlyerTalk, so I think it is acceptable to continue on with the advanced math.

I still think we aren't comparing apples to apples. When you say the additional 30,000 points is work $810, you are assuming the other points are equal in value, when they aren't. Here is a further analysis, using your BA conversion to make all points equal.

Chase total BA points = 166,000
90,000 SPG points * 1.25 = 112,500 BA pts
50,000 Chase pts * 1.07 = 53,500 BA pts

SPG total BA points = 212,500
90,000 SPG points * 1.25 = 112,500 BA pts
50,000 SPG points * 1.25 = 62,500 BA pts
30,000 SPG points * 1.25 = 37,500 BA pts

So SPG is worth 46,500 more BA points than Chase. The cost of these points is $1,440, so $0.031 per point. I understand this to be expensive, though not over the top, like $0.06 per point.

You are right that it will depend on how I use the points.

Thanks for all the fun.