Er, wow, yes! I have just spent 20 mins looking at the CX version of the rules, and you seem to be right. As far as I can see you could do:

CDG-LHR
LHR to every destination in Europe that BA flies to, and back
LHR-HKG
HKG-every destination in Asia that CX flies to, and back
HKG-SYD
SYD to every destiantion in Australia/NZ that QF flies to, and back. And then some other stuff jumping around Aus.
PER-JNB
then various BA affiliate routes round Africa
Then back to LHR

The only limit is 6 stopovers in total and no more than two per continent.

So if you want to live on a plane for 6 weeks or so I guess you could run up 100,000+ base miles. (Probably lots more - I'm struggling to get my head round this)

The mother of all mileage runs!