Why even waitlist CO?
Austrian is well known (not just here on FT, either!) for their great food and onboard chef.
Okay, so the seat is an angled-flat. News flash- CO is still flying angled flats on 762 and some 764 aircraft (granted, you'd have a 777 to India, but listen to my point), so it's not as though the seat is from the 1980's.

With the price difference, that's MORE THAN enough miles to TAKE A FRIEND with you!!!

So, all that in mind, I'd jump at the opportunity to fly a RARE carrier that has a good reputation. Why mess with CO at all? It's not like EWR is a dream to depart from over JFK, either....

That's what I'd do if it was me.