If I was in your place, I'd book 4 meetings (for 10 nights each) under rewarding events.
Agreed, especially since you can likely get the meetings for ~$100. 40 nights even at cat 1 would be a crazy amount of stay activity to endure, and would take 32 * 5,000 points each = 160K points (assumes 32 4 night periods + 8 of the fifth night being free on points). 160K points is enough to book a current cat 8 for 5 nights (40K/night * 4 nights = 160K, fifth night free on points).