I would stay in the New Orleans. You might want to take 1 day to visit plantations or swamps, but besides that, you'll want to be in the city, and not dealing with driving or long cab rides.

Two other ideas to consider.

The Courtyard Iberville is a cat6, so 120K for the 5th night free. It's located on the same city block as the Saint, around the back. I hate Courtyards, but this one is very atypical and non-corporate. It's an older building, and feels that way (in a good way). All (or most?) of the rooms are suites, with a separate sitting area and bedroom. And 20K fewer points to transfer in.

Or go even cheaper with the Residence Inn Downtown, cat5, 100K. Again, it's non-typical for the brand, as it's in several converted warehouse buildings. It's been a while since I stayed there. A bit off the beaten path, maybe a 10-20 minute walk to the French Quarter, but the points price can't be beat.