Keyser, there's not much more we can add since you are the expert, not us (at least not me). Anyway, here's my 2 cents: Follow your plan from DEL-MXP. Then use 9W miles on AZ for MXP-FCO-JFK/EWR. Or use IT miles for MXP-JFK on DL or MXP-CDG/AMS/HEL-JFK on AF/KL/AY. I'm not sure about the costs, but should be similar to what you suggested. Also, I hear that Europe-US award availability is generally pretty good on Skyteam carriers.