If you don't mind driving & departing from LA and arriving in either Madrid or Barcelona, then you can transfer your points to Iberian Airlines.
You get 1 round trip Premium Economy ticket from LA to MAD / BARCELONA for 75000 Avios points. So, your 150k MR points would be perfect to get 2 round trip tickets from LA to Spain. Take a train from Spain to Italy.

May be other FTers would be able to give you more options.