Welcome to the CX Forum,
jameslon.
CX's lounge in London is nothing much to boot. Better for you to stay at T1. But if you are just connecting, are you allowed to the Arrivals lounge? Of course you do have to clear immigration and customs and all that. If you are taking CX, then you'd have to eventually make it to T3. But if you're taking BA, then just stay where you are. Again, BA's F lounges in T1/4 are much better than CX's lounge in London.
CX's lounges however are a different matter in HKG where they are the epitome of luxury.
CX has 2 lounges aptly called the Wing and the Pier. You have free access to both lounges but people tend to use the lounge closest to the gate they are departing from. If you have the time, you may check either lounge but it requires a fair trek across the terminal.
For more information about the differences on the two lounges, please go to this website:
http://www.cathaytalk.com/showthread.php?t=432 and look at post # 1.