It comes down to exactly what your "flying style" is. If you book a coach seat on the flight and then upgrade using miles you will earn 100% of the miles flown as EQM. This will end up costing you somewhere around 40-50k miles and on AA a think there is a fee for INTL upgrading from coach.

However, if you aren't one that cares about Elite Status, I would simply book the ticket as a Business Class Award. You won't earn any EQM, but you will spend roughly the same as you will upgrading, and not have to pay anything more than the Security Fees...