I have a business class award booked and ticketed at the pre-July 5 rate for JFK-FRA. I see that there is a Suites award available for waitlist at 143,500 miles. I have 0 Krisflyer miles in my account currently, but can transfer the needed miles from Chase within 48 hours (average transfer time).

Is it possible for me to waitlist for the Suites award and keep my current business class booking, with only needing to transfer additional miles if the waitlist clears?

I've never done a waitlist award before, so not sure if the logistics of it.

Thanks.