I am looking at Award Flights for May 2014 to get me from San Diego to Italy- visiting Florence so any nearby cities, and returning from Barcelona after a cruise.

I have miles on American and United, so could use any of their associated carriers. Would prefer business class.

Right now I can book economy seats going using my AA miles on AA, BA, AB or I can see Air Canada, UA, and LH bookings using my United miles.

Coming home from Barcelona Spain I do have tickets on hold for BA first class at 62,500 miles each plus $425 copay.

Should I book the economy seats now and hope something else opens up or wait and chance that better options open closer to booking.
Thanks