I think that I would also look at getting milesaver awards via Asia before using anytime awards. e.g. CX LAX-HKG-CNS for 110k points in buisness class vs 175k / 195k/ 250k for an anytime award
Premium economy and attempting to upgrade would be a reasonable option and definitely something I would use before using 175k-250k one way
Do you hold any status with AA? If you have no status, then your baggage allowance within Australia would be based on class of travel. If holding OE Sapphire or Emerald status, there would be some additional allowance