I think the OP might be on to something. Whilst not staying with OW, I am not sure a LHR-TLV return leg is really worth the extra flying time unless you are wanting to collect status.

Assuming the OP is a QF member, he/she will be able to collect miles with QF as shown in the link below:

http://www.qantas.com.au/fflyer/dyn/...m/terms#jump23

In fact it seems as if most classes are earning so if your not out to get status credits and actually want to get to your destination without a going well out of your way, your suggested routing could be good.

Suggest you find a good travel agent. Usually I find bestflights.com.au are good when booking in Australia and also cheap.

Otherwise as another poster suggested, you can always burn points and get a QF partner award on El Al using QF miles.

For the record, Hong Kong is HKG.