Apart from the obvious problems with flights from/to Oceania (only KE fly there, not sure when CZ will be part of ST RTWs) and some difficulties in getting transpac availability (there are no flights from Asia to S. America whatsoever, and even the NRT-MEX is a recent addition), you shouldn't have any problems.
I had done a bit of research but not ticketed it (it required going via the USA and I didn't fancy the hassle).
Note that the "first class" award will likely still land you in business, as only KE and AF offer first class, and they are not particularly generous about giving out these seats for award bookings.