First of all, unlike many newbs, your thread shows consideration, careful forethought, and actual logic, so great first posts here. One thing you need to keep in mind is that mileage and point travel programs are another form of currency with the same drawbacks. Would you put all of your kids' savings in cash to devalue 3-4% (and i'd argue more) every year? Points (and therefore status) devalue in much the same way.

Depending on your time horizon, it might make more sense to put the extra $ you'd spend being loyal to one program and chasing status, lifetime or otherwise, and put that $ in equities, gold, or hard assets like guns or real estate. I would bet on any of those rather than on status at an airline or hotel chain that are guaranteed to devalue, and the company may not even exist 20 years from now.