If you book a big trip each year on miles, or multiple little trips I think having PM and the free award redeposit is a huge benefit. It allows you to book sub optimal routing or portions of a trip, and then modify or add on to it later as seats open up. Or I've often booked trips with a mix of Y/J on various segments, and slowly confirmed all segments into F as seats become available.

But if you are both GM currently, it seems like you should be able to bump one person up to PM and the other should be able to make FO without the gifted status. If you can do that, you'd free up the choice benefit and the 4 RUC's might be very useful. You can apply them up to an hour or two before your flight, so if it looks like you won't get upgraded as PM/FO together, you could move up towards the top of the list.

There's no real right answer to this, and it depends on what type of flying you do or what you want out of the program.