Similar Trip
Not going to Bora Bora but I unexpectedly came upon a $439 fare (a few days ago) SJC-PPT, mid April. Booked 6 nights at IC Moorea, using Ambassador BOGO for the weekend, points for the other 4 nights. Air France flight arrives at 5 a.m. and departs 7:30 a.m. Figured we will just take the ferry to Moorea on the first day. Last day will need to spend the night in Tahiti prior to the early a.m. flight home. IC in Tahiti has no points nights available (any of the days we're there) and the paid rate will come close to $400 AI. Too crazy for me when departing at 5 a.m. So I booked a B&B, highly rated on TA, for $100 that last night, proprietors pu & drop off at the ferry terminal and PPT airport, no cost.
I am Spire Ambassador but am not expecting an upgrade to an OWB with only 1 paid night out of 6 in Moorea. Don't know if 1 more paid night might help. Need to do more research on the room types; when I booked the BOGO only the lowest category showed up. Normally I spend months researching, but when I saw that super low fare I knew I didn't have time to "ponder"!