On QF award travel points you can use LY metal. On any oneWorld RTW product you'll need to use either IB or BA metal to get to Israel, from MAD, BCN or LHR respectively. Also you have to cross both the Pacific and Atlantic oceans.

Note there's a "Circle Indian Ocean" product sold by OW airlines that would fit your general itinerary (still no LY metal, though) that appears to be around AUD1200 cheaper than a DONE4 purchased in Oz. Phone QF to see if it might work for you.