I did 4 nights in Moorea and 3 nights in Bora Bora in July 2011 using American Airlines miles (from Nashville-LA-Tahiti) and Hilton points for the rooms, so what you are trying to do is certainly possible.

Just a few things to note:

1. I upgraded to an overwater bungalow at both resorts on an award stay and paid about $150 per night so be prepared to pay to stay in the overwater bungalow (give or take $20 per night I would say because it does seem negotiable). I would budget $950-$1100 for 7 nights if I were you.

2. You will have to pay to around $850 to fly from Tahiti to Bora Bora using Air Tahiti for two people round trip (not to be confused with Air Thaiti Nui who is an American partner) because there is no way to get all the way to Bora Bora on points. You could save a few hundred bucks by going to just Moorea instead. You will still have to pay for a flight but it will be a few hundred cheaper for two people.

3. You can transfer from Virgin Atlantic to Hilton at a 1 to 2 ratio and Virgin Atlantic is a transfer partner of Membership Rewards, so 1 Membership Reward point is equal to two Hilton points by going Membership Rewards to Virgin Atlantic to Hilton (Virgin Atlantic to Hilton must be done in 10,000 point increments and the names must match on the Virgin and Hilton accounts and the transfer may take 2-4 weeks)

4. I would get one of you the Hilton Surpass from American Express now (for the person NOT on the room reservation) to get the 60,000 point Hilton bonus and then wait until one year of your trip and get another Hilton Surpass credit card from American Express for the person that the hotel reservation is under. If the 60,000 point sign-up is still available you will get those points but you should also be able to be Hilton Gold for your trip which I THINK will get you free breakfast (it did for us but I can't swear this is till the case)

5. As mentioned previously Hawaii Airlines also transfers at 1 to 2 to Hilton so you could do the Hawaii Airlines card from Bank of America for 35,000 points (which become 70,000 Hilton points) and then also the Hawaii Airlines card form Bank of Hawaii for an additional 35,000 Hawaii points (70,000 Hilton)

6. You will be paying 37,500 per night in points if you are gold (using the automatic Gold of the Surpass card) so 7 nights would should be 262,500

7. Getting the mileage for the flights will be your toughest challenge. I was able to take advantage of the old Citibank 75,000 AAdvantage points credit cards. I will have to let others help you with flight points since I am out of the loop.

8. When I booked the flights I called AA and let them do it. If you end up using AA miles, I found trying myself to be too difficult but others may disagree.

Good luck!