Just confirming I still should just book a basic fare when using points. And there are no downsides? As I have in the past under the old system and no assigned seating, I plan on canceling and rebooking whenever it is cheaper. I just want to make sure that I still can do without any penalties if I book the Basic fare

I also have the lowest SW credit card. So I will be able to choose a seat at 48hrs. But to be honest, choosing one of the better seats is not a big deal.