First, if they allow you to fly a Platinum Challenge after you earn Gold via a Challenge, IMO you will have to earn 10,000 points, with no credit given (except for regularly earned status,) for the initial 5,000 points.
As to when it is strategically advantageous to sign up - IMO, all things being more or less equal

, it is always best to sing up for a Challenge June 15 or later - status then lasts the remainder of the calendar year earned in and the following status year. (E.g. earn Platinum via a Challenge signing up, say, May 15, 2007, your Platinum status lasts through Feb 29, 2008, if you do not
fully qualify for Platinum this calendar year; sign up Jun 15 or later 2007, status persists through Feb 29, 2009, regardless.
Originally Posted by
best
Thank you for info. May I please ask: if you signed up for Gold, strategically when is the best time to try--if they let you- to sign up for Plat Challenge? After you met the Gold and just before you are ready to the second 5,000 EPoints? The assumption is that the person on ther Gold Challenge flies domestic to get the first 5,000 EPoints( not a large multi thousand international flight)