Thanks for the feedback, everyone... and for the helpful transfer options, 84fiero! Last night I also found this really helpful article by TPG that outlined some of the considerations (and hidden costs) of Bora Bora resorts; it could be helpful if anyone else stumbles on this thread later in time:
https://thepointsguy.com/guide/moore...right-for-you/
Ultimately, I will be putting some cash into this, but we live on a very meager budget, so... yeah. I have around 160k points in each United and American, plus the Chase UR points, and 100k Marriott points to play with right now. Upon doing some more research into Bora Bora, I found this little mom-and-pop place which would require out of pocket cash (from what I can tell) but it's only $150 per night and you can cook your own food (instead of paying $50/person for every meal):
Home - Chez Nono, pension de famille sur la plage Matira, Bora Bora, Polynésie Française
The reason Bora Bora or Hawaii are my main focus is because I'd be flying out of SFO and trying not to loose a day or two each direction with transfers. That being said, I know St. John would be an equivalent "prime" location for crowd-free pristine beaches and snorkeling, but there isn't much lodging options with points. Otherwise I suppose I could look at other Caribbean destinations if anyone has suggestions. One dream had been to find a place featuring private bungalows with their own splash pools, but I can't remember where I've seen those advertised.