I have a bunch of Ultimate Rewards points that I would like to use to book a flight on Alaska Airlines. I also happen to have a companion fare from Alaska Airlines that I'd like to use (I'm booking three tickets). Is there any good way to combine both my Ultimate Rewards points and my companion fare?

My understanding is that one possibility is to book two of the tickets via the Ultimate Rewards portal, wait 24 hour (for the booking to go through) and then go to the Alaska Airlines website to cancel the reservation. At that point, I should ask Alaska Airlines to issue the cash value of the ticket as a credit to my wallet. Once the credit has posted, I can then rebook using the companion fare (and the wallet) to pay for my flight.

Is this possible?