So, some good news. Shortly after being put on the "waiting list", I received an email indicating that my upgrade was confirmed. Apparently, the list was very short

A more interesting thing I learned is that as a TK Elite member, I can 'borrow' up to 10,000 miles to cover the cost of the upgrade. I was 2,000 miles short and was prepared to buy the extra miles, but the agent told me that I could just 'borrow' the miles -- I just have to ensure they are earned/repaid within the same year. Since I am flying next month anyway, I will earn enough miles to cover the 2,000 "loan".

I gotta say, I am REALLY liking TK. So much better than Air Canada!!