If you are Pandion, don't you have enough points to buy the stand-by upgrade if you have to?
At check in:
1. If the flight is overbooked in economy class, you will stand an excellent chance of getting operationally upgraded for free. Ask at check-in.
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2.If SAS are running the 767 as an economy class middle cabin and that's where you are seated, then forget about the stand-by upgrade. You'll get a business class seat but with economy class service. It's the seat that counts.
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3. If 1 or 2 above don't work out, use 20000 points and do a stand-by upgrade. You'll have to order the upgrade coupons now, but they are good for a year if you in the end don't need to use them.
You must have lots of points surely? Otherwise how did you make it to Pandion?