I'm sure a real expert will be along in a minute, but 5698 points for an extra $350 doesn't sound like a good deal to me. It takes 20000 points for the cheapest domestic award, so your $350 is getting you just over a quarter of an award.

Having said that, if the course starts on 3rd January I would be worried about leaving on 1st January. You will arrive on the 2nd and (presumably) have to start studying and/or exerting yourself (at altitude) the next day. If you can afford the extra accommodation costs it may be worth having a day or two to recover from the flight. Of course you may well be built of stronger stuff than I am!