It depends upon how you go about your upgrade. There are two ways to get into the premium cabin. The first is to upgrade an individual segment without re-faring the ticket. That's what you see when you get the option to upgrade one leg at at time during purchase or check-in. You can end up in almost any fare class when you do that (there's a thread about this on the board -- look for 'some upgrades earn PQDs and some don't).

The other approach -- which is what I was talking about wherein it is often (usually) cheaper to upgrade an entire direction of travel -- is to re-fare your ticket as a business class ticket. In that case, you'd (re-)book into a discounted business class fare -- typically P.

However, I don't see any P fares filed from PIT to TPE, and the SFO to TPE P fare doesn't appear to be under any kind of unusual sale pricing. So, I'm guessing that the $860 you're seeing is probably the first type of upgrade listed; it will only apply to SFO-TPE, and you may not earn extra PQMs/PQDs for it.

FYI: V is a discounted coach fare class -- not the lowest, but not a particularly high fare class either. The co-pay for a mileage upgrade is "only" $500 (plus 30K miles).