We did Bali and Bora Bora for our honeymoon to get the exploring and beach split. Was awesome though getting from Bali to Bora Bora is not easy and takes a ton of time.
More reasonable might be something like Bora Bora and New Zealand and spend time exploring the South Island.
Bali does have the benefit of being super cheap -- you can get some really good hotel deals on both cash and points.