Actually, prior to my being invited into the Chairmans Club, my experience in using different AWD codes with Preferred Select reservations was as follows:

If I got the cheapest rate with my WIZ-linked AWD code, of course all went well including getting credit for the rental towards future Preferred Select status.

Sometimes I would get a cheaper rate on the AVIS website with non-WIZ-linked AWD code, which also ended up getting me credit for the rental towards future Preferred Select status.

Occasionally, some AWD codes would get me a really good rate, but on trying to finalize the transaction I would get a message "The Discount Code you have entered is not compatible with your Wizard ID." In most of those situations, I signed out of the AVIS site, made the reservation on the site as a non-AVIS member (using the desired AWD code), and then called AVIS Preferred's Customer Service to have them link my WIZ ID to the reservation.