I have the opportunity to upgrade on Continental Airlines from coach to First Class. I just called them and the woman said 7,500 miles. Unfortunately, she said that there are plenty of seats for paying costumers, but no upgradeable seats at this time. When should I follow up and see if there are any seats?

Secondly, I will be upgrading on flight 90 out of LAX, do they have a lounge for First Class passengers?