The only "currency" you can transfer to AA on a 1:1 ratio is SPG points (they will also give you a 5,000 mile bonus when you transfer 20,000 SPG points to AA miles). Off peak discounts only apply to coach seats to Europe, Central and South America, and Hawaii; off peak periods may vary by destination.

You could redeem a one way business class reward on AA, and a return one way ticket using Ultimate Rewards points transferred to Continental/United, BA, or Korean.