Sending it to Qantas would be a great way of throwing the points in the bin
I would definitely be looking at sending it to AA and potentially considering taking the Platinum Challenge for an extra 12000 ish FF miles earning. On its own , crediiting to AA will earn ( without a challenge ) around 102,000 FF miles ; 120,000 miles is enough for a business class return to Europe
c.f. Qantas where 256,000 points plus $1100 in surcharges would be required for the equivalent redemption
Potentially you may earn some extra miles to Qantas, but nowhere close to even considering given the award redemption value